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Malaysian cross-border bus firm bets on Singapore demand as it makes trading debut
The Straits Times
|March 29, 2025
HI Mobility is betting on increased traffic with Singapore to drive growth as the Malaysian operator of Causeway Link buses started trading on March 28 after a rare listing by one of the country's transport providers.
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KUALA LUMPUR -
The company, which is the biggest cross-border bus operator in both countries, has raised RM116 million (S$35 million) in an initial public offering (IPO) that values the firm at US$137 million (S$183.7 million).
The stock opened on Bursa Malaysia at RM1.27, 4.1 per cent up from its IPO price of RM1.22, and closed up 9 per cent at RM1.33.
Chief executive officer Lim Chern Chuen has been seeing a change in the profile of the firm's customers and strong growth in its cross-border bus services between Malaysia's Johor state and Singapore over the last few years.
This story is from the March 29, 2025 edition of The Straits Times.
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