WHO completes external fundraising

KUALA LUMPUR (December 22): OMS Group Sdn Bhd has raised RM 138 million by selling 10% of its shares, its very first external fundraiser since starting operations over 20 years ago.

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

OMS said the fundraising is part of the group’s rapid growth in 2021. Along with its EPC services business, OMS is also building its network of cable landing stations in Asia, which it will own and will rent to telecom operators and over-the-top companies. .

Previously, OMS announced in 2020 that it had invested in a joint venture with NTT Japan to build and own the MIST project, a 240 terabyte fiber-optic submarine cable system that connects Singapore, Malaysia, Thailand and India.

The MIST project will connect to the APRICOT Cable System, another NTT-led submarine fiber-optic cable system that connects Singapore, Indonesia, the Philippines, Taiwan, Korea, Japan and the United States via Guam .

WHO President Datuk Lim Soon Foo said the completion of the equity financing marks the huge investor interest in the value chain responsible for developing data infrastructure in regions to fast growing like Asia, the Pacific and the Atlantic.

This is especially since Covid-19 has pushed people and businesses to rely more on technological tools to communicate and grow their businesses, he said.

WHO Group CEO and Managing Director Ronnie Lim said the group greatly appreciates its new shareholders, which included AIA and MIDF Amanah Ventures.

“AIA is a world-class investor aligning with WHO to establish greater global connectivity for sustainable economic growth by connecting people and businesses in developed countries with those in developing countries,” a- he declared.

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

Bloomberg, in a report released in late October, said WHO was considering an initial public offering that could take place as early as next year. The group is evaluating possible locations, including Australia, Hong Kong, Malaysia and Singapore.

One list could value the WHO at more than $ 500 million, according to the report citing two sources.

Shirlene J. Manley