PEOPLElogy eyes regional expansion
PEOPLElogy founder and managing director Allen Lee.
KUALA LUMPUR: PEOPLElogy Bhd aims to expand its integrated people development solutions across Sabah, Sarawak and the South-East Asian region by 2026.
Founder and managing director Allen Lee said the company plans to establish offices and training centres in Kota Kinabalu and Kuching to meet local upskilling demands.
Additionally, it will expand into Indonesia, the Philippines and Singapore to address the growing need for digital talent development in South-East Asia.
'We are confident of doing well in the market because we have gauged from our market research, and all the companies that we approach love our framework.
'We are looking forward to reaffirming our commitment to our mission of impacting 10 million lives through innovative, transformative learning solutions,' he told reporters after the company's listing on the ACE Market of Bursa Malaysia yesterday.
PEOPLElogy has offices in Johor and Kuala Lumpur and has trained nearly 300,000 people to date. PEOPLElogy made its debut at 24 sen, one sen below its initial public offering (IPO) price of 25 sen, with 1.30 million shares traded.
PEOPLElogy rose 6%, or 1.5 sen to 26.5 sen yesterday, with 47.85 million shares traded.
From a total of RM26.25mil in gross proceeds raised from the IPO, Lee said the company will utilise about 15% for its expansion through strategic investments, mergers and acquisitions opportunities and 11% for the expansion of offices and training centres in Indonesia and the Philippines.
Also, 3.81% will be allocated for the expansion of offices and training centres in Sabah and Sarawak, and 0.38% for setting up a regional office in Singapore.
PEOPLElogy will utilise 32.38% of the proceeds to finance the establishment of a cyber range computer simulation lab, 11.43% for software research and development and the remaining proceeds will be used for working capital and listing expenses.
Lee said the cyber range computer simulation lab will enhance its cybersecurity, big data and artificial intelligence or AI training programmes.
This lab will provide a virtual environment for participants to engage in real-world scenarios such as defending against cyberattacks and managing large datasets.
Based on PEOPLElogy's enlarged share capital of 411.72 million shares, the company's market capitalisation is approximately RM102.93mil.
Commenting on the discount of one sen on the opening price, he said the company cannot control market sentiment which is influenced by various external factors.
He remains confident in the company's direction and uniqueness within the industry. He added that PEOPLElogy will continue educating the market. — Bernama
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