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Touch 'n Go has no plans for public market offering, says group CEO

Touch 'n Go has no plans for public market offering, says group CEO
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KUALA LUMPUR (March 29): Touch 'n Go Group has no plans to pursue a public listing for now, said its group chief executive officer (CEO) Effendy Shahul Hamid.

This is because both Touch 'n Go and TNG Digital are self-sufficient and well funded, he said at the virtual launch of Touch 'n Go eWallet’s GO+, a money market investment product, today.

“[There are] no plans for us to pursue a public listing at the moment. I think both companies (Touch 'n Go and TNG Digital) are very self-sufficient and well funded.

“We have some very strong plans for the future, and we are still quite comfortable where we are.

“[And] we will continue to participate in the private market, but at the moment, we do not have any plans for a public market offering,” he added.

On the other hand, Effendy said, the group has removed the parking surcharge from 94% of its sites nationwide.

According to him, 620 sites have removed the 10% surcharge — out of 662 parking sites that accept Touch 'n Go cards for payment.

“Today, we have 662 sites installed in Malaysia, [and] 620 sites already have no surcharge. So, we are well on our target and we will get it all done as soon as possible,” he said.

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Surin Murugiah