ARB IOT Group Ltd

ARB IOT Group Limited is an indirect holding company for operating subsidiaries in Malaysia, specializing in the Internet of Things (IoT) business. The company commenced its IoT operations in 2019, initially providing smart home and building solutions. ARB IOT Group Limited was incorporated in the Cayman Islands on March 1, 2022, as an indirect wholly owned subsidiary of ARB Berhad, which has been listed on the Main Market of Bursa Malaysia Securities Berhad since February 2004. Following a restructuring in March 2022, ARB IOT Group Limited became the indirect holding company for its Malaysian operating subsidiaries. On June 9, 2022, the company subdivided its 50,000 authorized shares of $1.00 par value into 500,000,000 shares of $0.0001 par value. On the same date, 9,990,000 ordinary shares were issued to ARB IOT Limited at $0.0001 per share, followed by another 15,000,000 ordinary shares subscribed by ARB IOT Limited on September 19, 2022, at the same price. The company completed its initial public offering on April 10, 2023, selling 1,250,000 ordinary shares at $4.00 per share, generating gross proceeds of approximately $5.0 million. Its ordinary shares began trading on The Nasdaq Capital Market under the symbol "ARBB" on April 5, 2023. On April 25, 2023, an additional 187,500 ordinary shares were sold at $4.00 per share due to the underwriter's full exercise of the over-allotment option. Prior to its IPO, the company operated as an operating segment of ARB Berhad.