MyKRIS debuts LEAP Market at 23 sen high

by SHAZNI ONG / TMR file pix

SHARES of MyKRIS International Bhd rose to 23 sen on its maiden entree to Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (LEAP) Market.

It recorded a 15% increase or three sen premium over its initial issue price of 20 sen, with about 39.99 million shares traded at the opening bell yesterday.

The network service provider is the 10th company to join the LEAP Market, and is the eighth for this year. MyKRIS MD Chew Choo Soon said the group hopes to strengthen its presence via an expansion plan in Johor Baru and Kota Kinabalu, through the RM8 million it expects to raise from the listing.

“If you look at our Penang branch, for instance, it has contributed up to about 5% of our group revenue over the year. So, we’re hoping that the expansion plan would help us in achieving better numbers.

“We also hope that it would help us to increase our customer and market coverage. We believe that having a direct branch in Johor Baru and Kota Kinabalu would allow us to provide faster and better support and services to our clients in the areas,” he told the media after the listing ceremony.

Chew added that the company intends to penetrate other countries in the Asean region in order to strengthen further its managed network service business segment.

“We believe that there are substantial opportunities in providing managed network services in developing countries — such as Myanmar, Cambodia and Vietnam — due to the rapid economic growth in these markets and the growing need for efficient and reliable network for business and operational efficiency.

“We envisage the expansion of our managed network services to take place through the establishment of sales or representative offices in these countries, or through collaborations with third party local Internet service providers.

“The expansion into neighbouring South-East Asian countries is expected to contribute positively to our financial performance in the future,” he said.

Chew also revealed that MyKRIS has been in talks with a few service provider partner companies in Myanmar.

“We’re hoping to close a deal soon. Hopefully, before we transfer into the ACE Market, sometime in the second half of 2019,” he said.

MyKRIS closed at 22.5 sen yesterday with a market capitalisation of RM67.5 million.