PETALING JAYA: Integrated water technology solutions provider Cosmos Technology International Bhd closed its first trading day on the LEAP Market of Bursa Malaysia Securities Bhd at an intraday high of 36.5 sen, a jump of 8.5 sen or 30.4% on 60,300 shares done.
The counter opened at 31 sen, a 3 sen premium above its 28 sen placement price.
At the group’s listing ceremony today, Cosmos managing director Datuk Chong Toh Wee said the expansion initiatives are aligned to its vision of becoming one of the leading integrated water technology solutions providers.
As such, part of the proceeds from its initial public offering would be allocated to introducing new water digitalisation solutions, by establishing pilot projects featuring Siemens Malaysia energy-saving solution at water and wastewater treatment plants.
“We are in discussions with water authorities and operators, and are highly encouraged by the positive responses.”
Cosmos raised RM5.4 million from placees, of which RM1.5 million is allocated for business expansion expenses for energy-saving solutions and dataloggers distribution, RM1.5 million to part-finance acquisition of new machineries, and RM1.4 million for working capital. The remaining RM1.0 million will be utilised for listing expenses.
It is installing datalogging systems in several several test sites with customers in Perak, Selangor, Negri Sembilan, and Sabah, which would address the country’s non-revenue water issue.
Over the past 15 years, Cosmos has specialised in distributing and servicing Siemens Malaysia electronic flow meters, used for measuring pipes’ water flow, to key water and wastewater players including Pengurusan Air Selangor, Ranhill and other state water operators. It operates through its two wholly owned subsidiaries, namely Cosmos Instruments Sdn Bhd and Marc Conleth Industries Sdn Bhd.