KUALA LUMPUR (June 13): ACE Market-listed SNS Network Technology Bhd (KL:SNS) has officially completed the transfer listing of its RM1.61 billion share capital to the Main Market of Bursa Malaysia.
In a statement on Thursday, the company said the transfer will further strengthen the group’s credibility among its customers, suppliers, business associates, employees and shareholders, and further strengthen the shareholder base of the company, especially among institutional investors.
SNS Network managing director Ko Yun Hung said he is optimistic about the company’s business outlook over the next few years, amid growing demand for artificial intelligence (AI) super servers from several technology firms.
“With more data centres being set up in the country, especially in Cyberjaya, Kuala Lumpur and Johor, we foresee demand for AI super servers to continue to be strong in the next few years,” he said.
Ko said that over the last two years, the information and communications technology industry had witnessed the uptake of AI.
He said generative AI is at the beginning of a supercycle in the technological landscape, and is set to supersede the previous two supercycles led by mobile internet in the 2010s, and cloud computing which peaked during 2015-2020.
The start of the AI cycle has presented various opportunities in Malaysia, such as data centre construction, data centre fit-out, testing and commissioning, and operation and management.
“Looking ahead, the future for SNS Network is not only bright but very diverse. We do recognise that the commercial channel remains the largest contributor to our revenue at over 80% in the last financial year ended Jan 31, 2024 (FY2024).
“We remain very positive about the retail market going forward. Demand driven by digital transformations as well as AI adoption is expected to be robust.
“As such, our plans to open retail stores across Malaysia remain intact, and will add on to our 60 brand stores, seven multi-brand concept stores and 12 consignment counters,” he said.
At the time of writing, SNS Network had fallen 2.86% or 2.5 sen to 85 sen, with 54.26 million shares traded, giving the stock a market capitalisation of RM1.36 billion.