Hi Mobility Yellow Ferry Passengers between Johor Bahru in Malaysia and Singapore, … More
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Shares of HI Mobility, a bus operator controlled by Lim Han Weng, will increase as special economic zones near its borders are established in optimistic passenger traffic between Singapore and Malaysia.
HI Mobility's Causeway Link is one of the largest bus operators on the Singapore-Malaysia Causeway and is considered the world's busiest land border, with 300,000 people passing immigration checkpoints in both countries every day.
The company raised 115.9 million ringgit ($26.3 million) from its IPO, including 95 million new shares (equivalent to 19% of the company's expanded issued shares) with revenue of 1.22 Ringgit per share. HI Mobility closed 1.33 Ringgit on the first trading day, up 9% from its IPO price.
Starting the previous year, HI Mobility's revenue grew 73% in 2024 to RM207.7 million, with nearly half of its revenue coming from Singapore. The company operates 155 buses on the causeway, accounting for about a quarter of the group's fleet. It also operates in Kuala Lumpur and nearby states of Malacca and Selangor.
“Overall friendly policies under the SEZ will create new and additional travel needs,” Lim Chern Chuen, executive director and CEO of HI Mobility, responded via text message. Forbes Asiaquery.
The proceeds from the IPO will help fund the company's fleet expansion, including the purchase of 55 new buses, 10 of which will be electric buses, and the construction of the company's electric vehicle charging infrastructure.
HI Mobility is one of the businesses that Chern Chuen’s parents co-founded – Lim Han Weng and wife Bah Kim Lian. The couple also co-founded Yinson Holdings in 1984 as a transportation and trade business. Since then, it has become one of the largest oil and gas service companies in the world. In 2020, it diversified into renewable energy and now has solar power plants in India and Peru. The family's net worth is $405 million, ranking first. 45 inches Forbes Asia A list of the richest Malaysia published last April.
