Prominent Sarawakian Datuk Abdul Hamed Sepawi could make another mark on the local bourse with a proposed listing of a radio frequency identification (RFID) group called Smartag Solutions Bhd (SSB) on the ACE market.
Hamed is the largest shareholder of SSB with a 30% direct stake and sits on the board of SSB. He holds a diverse set of businesses in his portfolio, including timber, property development and oil and gas.
These include stakes and directorships in Main Market-listed Ta Ann Holdings Bhd, Sarawak Plantation Bhd, Sarawak Energy Bhd and Naim Holdings Bhd.
Hamed was also listed in Forbes magazine’s “Malaysia’s 40 richest” in May this year, ranking at No 39 with an estimated net worth of US$120 million (RM376.8 million).
SSB has proposed a public issue of 57 million new ordinary shares, or 25.11% of the enlarged and issued share capital. Of this, 50 million shares will be up for private placement, five million shares are allocated for eligible directors and employees, and two million shares for the public.
Hamed is the largest shareholder of SSB with a 30% direct stake and sits on the board of SSB. He holds a diverse set of businesses in his portfolio, including timber, property development and oil and gas.
These include stakes and directorships in Main Market-listed Ta Ann Holdings Bhd, Sarawak Plantation Bhd, Sarawak Energy Bhd and Naim Holdings Bhd.
Hamed was also listed in Forbes magazine’s “Malaysia’s 40 richest” in May this year, ranking at No 39 with an estimated net worth of US$120 million (RM376.8 million).
SSB has proposed a public issue of 57 million new ordinary shares, or 25.11% of the enlarged and issued share capital. Of this, 50 million shares will be up for private placement, five million shares are allocated for eligible directors and employees, and two million shares for the public.
The initial public offering (IPO) price and timeline are yet to be determined.
Some 50% of the proceeds will be used for project related capital expenditure, 20% on working capital, 19% research and development purposes and the remaining 11% for listing expenses.
For the eight months ended May 31, SSB registered RM12.77 million in revenue, sharply lower than the RM33.21 million posted in the preceding eight-month period.
This was attributed to lower sales value of its RFID solutions. However, profit before tax this year was higher at RM7.47 million compared with RM5.71 million in the corresponding period.
Cash and cash equivalent stood at RM1.3 million with a very low debt of RM354,000. Shareholders’ equity stood at RM25.72 million.
SSB was founded in 2004. Historically, the group’s revenue is derived from RFID projects and sales to its resellers.
The company said it is aiming to generate recurring revenue through further developing its RFID applications at land and port checkpoints. The first commercialisation of land checkpoints will be in Thailand.
The company will also offer RFID as a subscription service, and plans to delve into courier services and record management.
Some 50% of the proceeds will be used for project related capital expenditure, 20% on working capital, 19% research and development purposes and the remaining 11% for listing expenses.
For the eight months ended May 31, SSB registered RM12.77 million in revenue, sharply lower than the RM33.21 million posted in the preceding eight-month period.
This was attributed to lower sales value of its RFID solutions. However, profit before tax this year was higher at RM7.47 million compared with RM5.71 million in the corresponding period.
Cash and cash equivalent stood at RM1.3 million with a very low debt of RM354,000. Shareholders’ equity stood at RM25.72 million.
SSB was founded in 2004. Historically, the group’s revenue is derived from RFID projects and sales to its resellers.
The company said it is aiming to generate recurring revenue through further developing its RFID applications at land and port checkpoints. The first commercialisation of land checkpoints will be in Thailand.
The company will also offer RFID as a subscription service, and plans to delve into courier services and record management.
SSB currently owns its own intellectual properties in RFID.
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