KUALA LUMPUR, 24 February 2025 – HI Mobility Berhad (“HI Mobility“) has signed a retail underwriting agreement with Maybank Investment Bank Berhad, the Principal Adviser, Sole Placement Agent and Sole Underwriter, in conjunction with its upcoming initial public offering (“IPO”) and listing on the Main Market of Bursa Malaysia Securities Berhad.
The principal activity of HI Mobility is investment holding, while Handal Indah Sdn Bhd (“Handal Indah”), being the sole subsidiary of HI Mobility, is principally involved in the provision of bus transportation services. HI Mobility and Handal Indah (collectively, the “Group”) operate within the mass transit sector and is principally involved in providing both cross-border and local bus services. The bus service provider commenced operations in 2002, initially offering only intracity bus services within Johor Bahru. The following year, Handal Indah expanded by introducing Johor Bahru – Singapore cross-border bus services, operating under the brand name ‘Causeway Link’. Over the years, the operations expanded to include the Klang Valley and Malacca. Prioritising sustainable commuting solutions, the Group has introduced bus fleet electrification and deployed electric buses since 2023 to promote eco-friendly travel, reduce carbon emissions and enhance energy efficiency.
HI Mobility’s IPO comprises a public issue of 95.0 million new shares (“Issue Shares”), equivalent to 19.0% of the enlarged issued share capital. The Issue Shares will be allocated in the following manner:
a) An offering of 10.0 million Issue Shares will be made available for application by the Malaysian public;
b) Another 5.0 million Issue Shares will be made available for application by the Group’s eligible employees and persons who have contributed to the success of the Group;
c) 47.5 million Issue Shares will be for application by way of private placement to Bumiputera investors approved by Ministry of Investment, Trade and Industry; and
d) An offering of 32.5 million Issue Shares will be made available for application by way of private placement to institutional and selected investors.
In addition to the issuance of 95.0 million Issue Shares, the IPO also includes an offer for sale of 35.0 million existing shares, equivalent to 7.0% of the enlarged issued share capital, to be made available by way of private placement to institutional and selected investors.
HI Mobility’s Executive Director cum Chief Executive Officer Lim Chern Chuen said, “We are truly humbled to have reached this stage of our listing journey, and the signing of the underwriting agreement marks a significant milestone for the Group. In appreciation of the trust and support we have received, we strive to grow the company and embark on a sustainable mobility through the electrification of our fleet, gradually transitioning the Group into an energy efficient player in Malaysia’s public transportation sector.”
He further added, “HI Mobility plays a crucial role in providing essential transportation services, ensuring accessibility and connectivity within communities. Committed to sustainability and innovation, we continuously enhance our services through digital advancements to redefine the passenger journey experience and improve operational efficiency. Through innovative mobility solutions, HI Mobility remains dedicated to building a greener future while delivering reliable and inclusive transport services for all.”
From left to right:
1. Raja Datuk Zaharaton Bt. Raja Zainal Abidin
(Independent Non-Executive Chairman, HI Mobility Berhad)
2. Lim Chern Chuen
(Executive Director & Chief Executive Officer, HI Mobility Berhad)
3. Michael Oh-Lau
(Chief Executive Officer, Maybank Investment Bank Berhad)
4. Tengku Ariff Azhar Tengku Mohamed
(Deputy Chief Executive Officer, Maybank Investment Bank Berhad)