KUALA LUMPUR: SNS Network Technology Bhd is optimistic about its growth prospects on expectations of a rebound in information, communication and technology (ICT) sales this year in tandem with the economic recovery, managing director Ko Yun Hung said.
He said businesses and organisations were highly strict with their spending during the movement control order due to uncertainty but ICT adoptions have grown tremendously as a result of the economy’s reopening and SNS anticipated the realisation of two years’ worth of delayed sales this year.
“Commercial segment contributed 70% to our revenue for the past four years, so we believe we will be able to enjoy the benefits as people and businesses start spending again as they need to improve their existing ICT infrastructure, which created a strong demand for its device-as-a-service (DaaS) subscription-based service,” he told reporters at the company’s listing on the ACE Market of Bursa Malaysia yesterday.,
SNS Network Technology debuted on the ACE Market with an unchanged opening price from its issue price of 25 sen, raising RM90.72mil from the initial public offering of which, 34.1% or RM30.9mil will be allocated to expand its DaaS subscription-based service.
It has also earmarked RM33.4mil of the proceeds for capital expenditure while RM2.5mil will be used to open 10 new retail stores in Klang Valley, Johor and Penang.
“Our focus, for the time being is on the short-term to medium-term and the 10 new retail stores are expected to materialise within the next three years.
“Currently, our market share stands at about 1.47% and we hope to grow the number,” he said. — Bernama