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Malaysian Tycoon Lim Hang Weng’s HI Mobility Adding Electric Buses With IPO Proceeds
In a move to further modernize its services and cater to the growing demand for eco-friendly transportation, Malaysia-based tycoon Lim Hang Weng’s company, HI Mobility, has announced plans to add electric buses to its fleet using proceeds from its initial public offering (IPO).
The company will be issuing 95 million new shares, equivalent to about 19% of the enlarged issued shares, at a price of 1.22 ringgit each. This move is expected to value the company at 610 million ringgit.
HI Mobility has been in operation for over two decades and has established itself as a prominent player in the Malaysian transportation sector. Its existing fleet of more than 550 buses ferries around three million commuters per month, demonstrating its impressive scale and reach.
The funds raised from the IPO will be used to expand HI Mobility’s bus fleet by purchasing 55 new vehicles, with a significant portion dedicated to acquiring electric buses. This move aligns with the company’s commitment to providing environmentally sustainable solutions for the transportation needs of Malaysians.
HI Mobility’s strategic decision to focus on cross-border services, particularly at the Johor Bahru-Singapore causeway, which is considered the world’s busiest land border, has been instrumental in driving growth and expansion. The area is being jointly developed by Malaysia and Singapore as a special economic zone, further cementing HI Mobility’s position as a vital player in this high-demand market.
The company’s financial performance has also been impressive, with its net profit increasing 73% to 34.6 million ringgit in 2024, according to the IPO prospectus. This growth is expected to continue as HI Mobility expands its services and adopts more environmentally responsible practices.
Lim Hang Weng, the controlling shareholder of HI Mobility, is no stranger to entrepreneurship and innovation. He co-founded Yinson Holdings with his wife in 1984, which has since grown into one of the world’s largest oil and gas services companies.
