GIS solutions provider, RedPlanet to list on Malaysia’s LEAP Market

  • Has secured US$6.5mil worth of on-going GIS contracts with customers
  • R&D unit to enhance GIS with AI, IoT, machine learning for asset identification

GIS solutions provider, RedPlanet to list on Malaysia’s LEAP Market

RedPlanet Bhd (Stock Code: 03036) has received Bursa Malaysia Securities Bhd’s approval to list on the LEAP Market of Bursa Securities. The listing is targeted to take place in March 2020.

RedPlanet is a Geographic Information System (GIS) solutions provider. The Company’s GIS solutions typically assist its customer in activities such as location search, navigation, logistics routing, customer targeting and asset management. As at 6 December 2019, the company has secured US$6.5 million (RM26.97 million) worth of on-going GIS contracts with its customers. 

The fund raising and proposed listing exercise involves the placement of 19.93 million shares in RedPlanet, which represent 12.5% of the enlarged share capital at US$0.053 (RM0.22) per share.

“We expect to raise gross proceeds of approximately RM4.39 million via placement to selected sophisticated investors from the listing,” says Panjetty Kumaradevan Senthil Kumar (pic, right), Executive Director of RedPlanet.GIS solutions provider, RedPlanet to list on Malaysia’s LEAP Market

[RM1 = US$0.24]

RedPlanet plans to utilise RM0.63 million (14.4%) from the proceeds to set up a research and development department to study GIS applications in machine learning, artificial intelligence and internet of things, with special focus on developing software related to asset identification and management. 

“The R&D department is intended to develop and enhance of our existing machine learning and spatial analytics toolkit through the development of solutions that can be delivered to customers through the software as a service model on a pay per use basis,” Panjetty explains.

RedPlanet will also utilise RM2.53 million (57.8%) raised from the placement as general working capital to strengthen its staff force to expand its business to both Malaysia and overseas as well as to finance the group’s day-to-day operations; RM0.22 million (5.0%) for office renovation while the remaining RM1 million (22.8%) would be used to defray estimated listing expenses.

Based on the enlarged share capital of 159.40 million shares, the Company is expected to have a market capitalisation of approximately RM35.07 million.

A copy of the Information Memorandum relating to RedPlanet LEAP Listing can be obtained from Bursa Securities’s website (www.bursamalaysia.com).

M&A Securities Sdn Bhd is the Approved Adviser, Continuing Adviser and Placement Agent for the placement and LEAP Market listing exercise.

 
 
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