Thursday, March 24, 2011

IPO ... SMARTTAG

Smartag Solutions Bhd is aiming to raise RM17.7 million in its initial public offering (IPO) in the Ace Market in the second quarter of 2011.

Approximately RM3.4 million from the IPO proceeds would be channelled into further enhancing the company’s R&D expertise. The pivotal factor for our success is our strong emphasis on research and development, which has not only accorded its first-mover advantage, particularly for container track and trace RFID (radio frequency identification) applications in the region, but also saw Smartag actively involved in the development of RFID-related standards internationally.

Incorporated in 2004, Smartag is a provider of total RFID-based solutions, encompassing the development of RFID software as well as provision and implementation of RFID solutions.

Smartag’s IPO entails the public issue of 57 million new ordinary shares at a price of 31 sen each, of which 50 million shares would be allocated for private placement to eligible identified investors. Five million shares would be for eligible directors, employees and business associates of the group while another two million shares for application by way of balloting to the Malaysian public.

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