Source: The Sun Daily

KUALA LUMPUR – Parking management services provider, Matrix Parking Solution Holdings Bhd aims to expand its parking facilities in Johor Bahru in a bid to expand its revenue base.

Earlier this year, the company had acquired parking facilities in Hospital Sultanah Aminah, which had over 2,000 parking bays, said executive director Alex Chin Wing Wah.

“We are in the midst of acquiring parking facilities which we think will be generating good returns to us.

“Earlier this year, we have ventured into Johor Bahru whereby we managed the biggest hospital in Johor Bahru, which is Hospital Sultanah Aminah,” he told reporters after the company’s debut on the LEAP market here today.

The company, which is the first parking management services company to be listed in Malaysia, has to-date secured 27 parking sites, primarily in the Klang Valley.

Currently, the company owns the Casa Residenza’s parking facility in Kota Damansara and is in the midst of acquiring new parking facility in the area, which is expected to be completed in two months.

Chin said its acquisition trail was part of Matrix Holdings’ multi-pronged strategy to maintain sustainable growth in its business and create long-term shareholder value.

On its dividend policy, Chin said that the company allocated 30 per cent of its net profit to its shareholders annually.

Under the listing exercise, Matrix Holdings raised RM2.60 million via a private placement of 20 million shares at 13 sen per share to the investors.

Of the total proceeds, RM200,000 raised from the placement will be used to purchase parking site equipment, RM800,000 for purchase of parking facility, RM900,000 for general working capital requirements while the remaining RM700,000 would be used for the listing expenses.

-BERNAMA