KUALA LUMPUR, 9 March 2020 – Integrated water technology solutions provider Cosmos Technology International Berhad (“Cosmos” and “the Group”) debuted on the LEAP Market of Bursa Securities at 31 sen, representing a 12.5 per cent premium to its issue price of 28 sen and rose as high as 36 sen in early trade this morning.
Over the past 15 years, the Group has specialised in distributing and servicing Siemens Malaysia electronic flowmeters, used for measuring pipes’ water flow, to key water and wastewater players including Pengurusan Air Selangor ( Air Selangor ), Ranhill as the water operator of Johor, and other state water operators.
Cosmos intends to expand its distribution portfolio to include Siemens Malaysia energy-saving solution for the water and wastewater industries, to enable municipal and industrial users to reduce electricity costs and enhance operational efficiency.
“Part of the proceeds from our IPO would be allocated to introducing new water digitalisation solutions, by establishing pilot projects featuring Siemens Malaysia energy-saving solution at water and wastewater treatment plants.”
Dato’ Chong Toh Wee, Cosmos Managing Director
Additionally, through its digitalisation initiative, Cosmos would distribute LACROIX Sofrel dataloggers, which can be integrated with Siemens Malaysia electronic flowmeters, to record and store data on water flow. The integration of LACROIX Sofrel dataloggers allows operators and authorities to monitor water flow at water treatment plants in real-time, and in industrial and commercial applications.
At the Group’s listing ceremony to LEAP Market of Bursa Securities today, Cosmos Managing Director said that the expansion initiatives are aligned to its vision of becoming one of the leading integrated water technology solutions providers.
Upon its listing on the LEAP Market, Cosmos raised RM5.4 million in proceeds of which RM1.5 million is allocated for business expansion expenses for energy-saving solutions and dataloggers distribution, RM 1.5 million to part-finance acquisition of new types of machinery, and RM1.4 million for working capital. The remaining 1.0 million will be utilised for listing expenses.
Under the Mid-Term Review of the 11th Malaysia Plan (11MP), the Government plans to further reduce NRW from 35.3% in 2017 to 25.0% by 2020. The programme also involves the replacement of flowmeters, old pipes and tanks, as well as upgrading and constructing water treatment plants.
“We are confident that our 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.”
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