Cloudaron Group debuts on Bursa at 15 sen

Gan (second left) together with Cloudaron chief executive officer Ong Chang Jeh (third right) sounds the gong to symbolise the launch of ‘Bursa Malaysia’s Leap Market Goes Live, Cloudaron the first company to list on the LEAP Market’ yesterday. — Bernama photo

KUALA LUMPUR:Singapore-based Information technology solution provider, Cloudaron Group Bhd, debuted on the Bursa Malaysia’s new Leading Entrepreneur Accelerator Platform (LEAP) Market at 15 sen, a four sen premium,  over its issue price of 11 sen per share.

At the opening bell, the cAt the opening bell, the company, being the first to be listed on the LEAP market, saw 100,000 shares changing hands.

At closing, 315,000 shares were traded with prices closing at 0.165 sen per share.

Chairman Datuk Larry Gan Nyap Liou said following the listing on the LEAP market, Cloudaron hoped to be upgraded to the ACE market within two years.

“I think everyone likes to see us on the ACE market as quick as possible, which would be a sign of success for Bursa Malaysia and us.

In a normal time frame, I think Bursa Malaysia would expect a company like us to go to ACE (market) in a matter of two to three years and if we can do it earlier (than that), we will.

“What we are about, in terms of coming on to LEAP (market), is to profile ourselves more and get people to understand about the company, raise capital and do the necessary things in terms of being more successful,” he told reporters after the company’s debut on Bursa Malaysia LEAP market here yesterday.

Based on Cloudaron’s current market capitalisation of RM85.28 million, Gan said the company was not far from being promoted to the ACE market.

“In fact, we were exploring a listing (opportunity) on another exchange before we came on to LEAP (market) and I would say if we could enhance our profit by 20-40 per cent, we would be in the ACE (market),” he added.

Out of 50 million new shares issued at the opening with a total value of RM5.5 million, representing 6.4 per cent of the company’s enlarged share capital, the group intended to utilise approximately RM2.4 million of the proceeds to set up either a branch or a representative office in Indonesia and the Philippines, respectively.

Cloudaron also intended to allocate approximately RM1.9 million of the proceeds for day-to-day operations of the group in Singapore and Malaysia while the remainder of the proceeds would be allocated for listing expenses.

In the company’s financial year ended March 31, 2017, Cloudaron posted a revenue of SG$22.98 million (RM69.59 million) and earnings of  SG$1.72 million, with SG$1.8 million in net cash.

As of August 2017, Cloudaron’s order book stood above RM18 million. — Bernama

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