Matrix Parking debuts with 19.23% premium on LEAP Market

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KUALA LUMPUR (June 10): Home-grown parking management services provider Matrix Parking Solution Holdings Bhd made its debut on Bursa Malaysia's Leap Market today with a premium of 19.23% at 15.5 sen, from its issue price of 13 sen.

A total of 55,000 units were transacted at the opening bell today.

Speaking to reporters at a press conference after the listing ceremony this morning, its co-founder and executive director Alex Chin Wing Wah said Matrix Parking is the first parking management services company to be listed in Malaysia and he expects this listing exercise could fund its capital expansion plan to purchase more parking bays.

Apart from acquiring more parking bays, the company is planning to secure more contracts within its core markets in Klang Valley, Chin added.

To date, Matrix Parking has secured 27 parking sites.

Matrix Parking plans to raise gross proceeds of RM2.6 million, with the bulk of the listing proceeds or about RM900,000 for general working capital, RM800,000 to purchase 12 parcels of property together with accessory parcels of parking bays, RM200,000 to acquire parking site equipment and the remaining of RM700,000 for estimated listing expenses.

It proposed 20 million new shares representing approximately 10% of the company's enlarged issued share capital at an indicative issue price of 13 sen per share.

Its stock short name is MPSOL, while the stock code is 03019.