KUALA LUMPUR (Dec 22): OMS Group Sdn Bhd has raised RM138 million by selling 10% of its shares, its first ever external equity fund raising since commencing operations over 20 years ago.

In a statement on Wednesday, the engineering, procurement and construction (EPC) services provider said the proceeds will go towards expanding the company’s business. 

OMS said the fund raising comes off the back of the group’s rapid growth in 2021. Alongside its EPC services business, OMS is also building its network of cable landing stations in Asia which it will own and lease to telcos and over-the-top companies. 

Prior to that, OMS announced in 2020 that it has invested in a joint-venture company with NTT Japan to construct and own Project MIST, a 240 terabyte subsea fibre optic cable system that connects Singapore, Malaysia, Thailand and India. 

Project MIST will connect with the APRICOT cable system, another NTT led subsea fibre optic cable system which connects Singapore, Indonesia, the Philippines, Taiwan, Korea, Japan and the United States via Guam.

OMS chairman Datuk Lim Soon Foo said the completion of the equity financing marks the tremendous interest investors have to invest in the value chain that is responsible for the development of data infrastructure in fast growing regions like Asia, the Pacific and the Atlantic.

This is especially as Covid-19 has driven people and companies to rely more on technology tools to communicate and grow their businesses, he said.

OMS group CEO and managing director Ronnie Lim said the group greatly values its new shareholders, which included AIA and MIDF Amanah Ventures.

“AIA is a world class investor which is aligned with OMS to build greater connectivity globally for sustainable economic growth by connecting people and corporations from developed nations with those from developing nations,” he said. 

Looking ahead, OMS said it will embark on the next phase of growth by extending its leadership as the only independent, neutral and integrated data infrastructure solutions group globally.

Bloomberg, in a report in late October, said OMS is exploring an initial public offering that could take place as soon as next year. The group is weighing possible venues including Australia, Hong Kong, Malaysia and Singapore.

A listing could value OMS at more than US$500 million, the report quoted two sources as saying.