KUALA LUMPUR, March 28 (Bernama) -- HI Mobility Bhd said it is optimistic that its contract will be extended in the Bas Muafakat Johor (BMJ) initiative that is due to end this month.
BMJ is a free bus service funded by the Johor state government and local authorities to reduce the people’s living expenses.
HI Mobility executive director and chief executive officer Lim Chern Chen said the company is actively engaged with state authorities to continue providing free bus services.
"We are in the process of receiving news about the tender. There is intention to continue the service (with Johor state government)," he told a press conference after the company made its debut on Bursa Malaysia’s Main Market.
The counter opened at RM1.27 with a 5 sen premium over its IPO price of RM1.22, with 5.97 million shares traded.
In a statement, the company said the it raised RM115.9 million through the issuance of 95 million new shares.
Of the proceeds, RM70 million is earmarked to expand its bus fleet via the acquisition of electric and internal combustion engine buses and RM15 million to expand its electric vehicle (EV) charging infrastructure.
The statement said additional EV charging stations will be installed at its depots and selected routes.
"Meanwhile, RM5 million will be dedicated for technological enhancement, the upgrade of its operations control centre with a data integration platform and the deployment of artificial intelligence.
"RM17.9 million will be utilised as working capital and the remaining RM8 million to defray listing exenses,” it said.
On the Finance Ministry’s RM1.9 billion allocation to Prasarana Malaysia Bhd to buy 1,560 new diesel and electric buses in phases over a three-year period, Lim said HI Mobility does not view government-linked companies (GLCs) such as Prasarana Malaysia Bhd as a competitor, particularly in the roll-out of electric buses.
“Rapid KL's (Prasarana) mandate is to expand the network and improve public transportation as a whole. We see ourselves as playing a complementary role,” he said.
"As a private entity, our focus is on the bottom line and efficient operations. In that sense, we are quite complementary," he said.
-- BERNAMA
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