From left: Vetece Holdings Bhd executive director and CEO Chan Wai Hoong, non-independent executive vice chairman Vernon Tee Chee Chiang, independent non-executive chairman Thomas Chew Hock Hin and Kenanga Investment Bank Bhd executive director, head of group investment banking and Islamic banking Datuk Roslan Tik.
KUALA LUMPUR: Vetece Holdings Bhd will be able to tap into a larger market and achieve higher sales growth once it strengthens operations in Singapore and completes the establishment of its centre of excellence (COE), says chief executive officer Chan Wai Hoong.
The enterprise information technology (IT) solutions firm’s portfolio includes application integration and single sign-on management; data engineering and analytics; customer relationship management; software testing and on-premise and cloud infrastructure.
According to Chan, Vetece will be focusing on talent acquisition as well as upskilling of staff in Singapore, with a particular emphasis on marketing and client relations.
“We believe that by leveraging on our resources in Malaysia to deliver enterprise IT solutions to businesses in Singapore does not only offer competitive pricing but we can also capitalise on the geographical proximity and culture similarity to the region.
“And bear in mind, a lot of major international giants have regional offices in Singapore. So once we are able to strengthen our sales in Singapore, we can further expand our services to more clients within the Asia-Pacific region,” he told the media after the launch of Vetece’s prospectus yesterday.
On the establishment of a COE, Chan said it will allow Vetece to undertake projects from international clients remotely from its base of operations in Kuala Lumpur.
Chan said the COE is set to commence operations in about two years. It has allocated RM3.3mil as well as RM3.8mil towards the strengthening of Singapore operations and the establishment of its COE respectively from its initial public offering (IPO) proceeds.
Set to debut on the ACE Market of Bursa Malaysia on Aug 28, 2024, Vetece aims to raise RM24.5mil and achieve a market capitalisation of RM98mil from its IPO.
The remainder of the total proceeds will be allocated towards the rolling out of new core products and services at RM2.2mil or 9%, hardware and software licensing fees for RM6.5mil, as well as loan repayments and estimated listing expenses at RM4mil (16.3%) and RM4.7mil (19.2%), respectively.
