MORNING CALL:11/12/23

PIVB recognises Jati Tinggi’s electrifying post-IPO plans

Transcript

00:00 We start this Monday with an upcoming IPO, Jatitingi, an infra-utilities services provider,

00:06 which is due to list on the ACE market towards the latter half of December as it looks to

00:11 take the sub out of its contractor status.

00:13 Cliff notes, Jatitingi Group mainly provides underground and overhead utilities, engineering

00:18 services and solutions, which primarily support the electricity supply industry in Malaysia.

00:24 The group also provides its services and solutions to telecommunications, water and sewerage utilities

00:29 and other companies.

00:30 Jatit Group's major customers comprise mainly the main contractors appointed by Tenaga

00:34 Nasional.

00:35 The IPO is expected to raise approximately $18 million and the bulk of the proceeds will

00:40 go for repayment of bank borrowings and general working capital.

00:43 Establishment of its presence as a main contractor from its current sub-status and securing more

00:48 large-scale projects is in the pipeline.

00:51 On top of its current scale of operations and ongoing projects in Peninsular Malaysia,

00:55 the group intends to expand geographically to East Malaysia, seeking opportunities to

00:59 undertake additional infrastructure utilities projects there.

01:04 At the moment, there is no Bloomberg consensus given that it is not listed yet.

01:07 Public Invest, though, has derived a $0.35 fair value, which is a 30% premium to its

01:12 $0.27 listing price.

01:14 [Music]