It intends to expand its solutions portfolio to include Siemens Malaysia’s energy-saving solutions designed to reduce electricity cost
by HARIZAH KAMEL/ pic by TMR FILE
INTEGRATED water technology solutions provider Cosmos Technology International Bhd, which debuted on the LEAP Market of Bursa Malaysia yesterday, targets to expand its market reach by introducing water digitalisation solutions.
The company specialises in distributing and servicing Siemens Malaysia Sdn Bhd’s electronic flowmeters to key water and wastewater players, including Pengurusan Air Selangor Sdn Bhd, Ranhill Holdings Bhd and other state water operators.
It intends to expand its solutions portfolio to include Siemens Malaysia’s energy-saving solutions which are designed to reduce electricity cost and optimise operations of water and wastewater treatment plants, its MD Datuk Chong Toh Wee said.
“Part of our proceeds from the IPO will be used for the introduction of new water digitalisation solutions by establishing pilot projects featuring Siemens Malaysia’s energy-saving solution water and wastewater treatment plants.
“We are optimistic that equipping our customers with capabilities to remotely monitor water data would, in turn, assist in addressing the country’s non-revenue water issue,” he told reporters after the listing ceremony in Kuala Lumpur yesterday.
Cosmos Technology opened on the LEAP Market at 31 sen yesterday, a 12.5% or three sen premium over the issue price of 28 sen. Some 20,000 shares were traded at the opening bell.
The stock rallied to close higher at 8.5 sen or 30.4% to 36.5 sen yesterday despite the benchmark FTSE Bursa Malaysia KLCI, falling 58.9 points or 3.97% to 1424, a nine-year low for the market.
A total of RM5.4 million was raised from the IPO, of which RM1.5 million has been allocated for business expansion expenses for energy-saving solutions and data loggers distribution.
From the amount, about RM1.5 million will be used to part-finance the acquisition of new machinery, while RM1.4 million will go towards the working capital and the remaining RM1 million will be utilised for listing expenses.
Through its group’s digitalisation initiative, the company will distribute LACROIX Sofrel’s data loggers to record and store data on water flow. The data loggers also allow operators and authorities to monitor water flow at water treatment plants in real-time, and in industrial and commercial applications.
Currently, the solutions provider is installing data logging systems in several test sites namely Selangor, Perak, Negri Sembilan and Sabah.
It is enhancing the capabilities and capacity of its metal fabrication division and will acquire new machinery to manufacture new products to expand the group’s range of fabricated metal products for the water and wastewater sectors.
“We intend to produce a broader range of fabricated metal parts for the water and wastewater industry on the back of rising demand.
“We are confident that our two-pronged strategic initiatives would not only be a technological game-changer but also support the government’s initiative to ensure the sustainable supply of water, as well as operational efficiency of the water sector,” Chong said.
These measures will bring the group one step closer towards becoming one of the leading players in water technology solutions.
The company will also be able to grow its presence in Malaysia’s water sector, of which its market share stood at 17.7% in 2018.