Malaysia’s leading consumer E&E retailer Senheng New Retail Bhd (inked an underwriting agreement with Mercury Securities Sdn Bhd, CIMB Investment Bank Bhd and AmInvestment Bank Bhd to underwrite a total of 52.5 million shares in conjunction with the Group’s Initial Public Offering (IPO) on the Main Market of Bursa Malaysia Securities Berhad (Bursa Malaysia).
The IPO exercise entails a public issue of 250.0 million new shares and an offer-for-sale of 139.5 million existing shares.
Of the 250.0 million new shares, 149.5 million shares will be placed out to institutional and selected investors, and 48.0 million shares will be placed out to Bumiputera investors approved by the Ministry of International Trade and Industry (MITI). Another 22.5 million shares will be made available for application by eligible directors, employees, and persons who have contributed to the Group’s success.
The remaining 30.0 million new shares will be made available for application by the Malaysian public via balloting.
Meanwhile, 139.5 million offer-for-sale shares will be placed out to Bumiputera investors approved by MITI.
Mr Lim Kim Heng), Executive Chairman of Senheng New Retail Bhd said:
“Today’s underwriting signing marks a key milestone in our IPO journey, bringing us a step closer to enabling the investing public to participate in our growth.” “The IPO proceeds to be raised will fund our growth strategies to cater to future market trends – through building capacity and enhancing capabilities of our operations and improving our customers’ shopping experience.”
“These initiatives will continue to drive Senheng’s sustainable growth well into the future, as well as enable us to continue providing the best customer experience. This will also strengthen our market position in the consumer retail space.”
Senheng has an extensive store coverage of over 100 physical stores across Peninsular and East Malaysia. The Group operates multiple store concepts, under the brands “Senheng”, “senQ”, “Grand Senheng”, as well as the newly launched “Grand Senheng Elite” flagship store in SS2, Petaling Jaya
The Group intends to use a majority of its IPO proceeds to fund the enhancement of in-store shopping experiences, via opening new stores and upgrading existing stores to larger concept stores. These enhanced stores will be able to display a wider range of products and provide a richer shopping experience to customers.
