The right step is what people say.
Senheng New Retail Bhd, a local electrical and electronics retailer, has signed agreements with Mercury Securities, CIMB Investment and AmInvestment to underwrite a total of 52.5 million shares in conjunction with its initial public offering (IPO) in the Main Market of Bursa Malaysia Securities Bhd.
According to the company, it will execute an IPO involving a public issue of 250 million new shares and an offer for sale of 139.5 million existing shares.
According to him, out of the 250 million shares, 149.5 million shares will be placed to selected institutions and investors and another 48 million shares will be placed 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 individuals who have contributed to the group’s success.
While the remaining 30 million new shares will be made available for application by the public through voting.
Senheng executive chairman Lim Kim Heng said the retailer had undergone several transformations over the years including the transition to a new retail model to meet the rapid digitization of the Malaysian consumer landscape.
Meanwhile, Mercury Securities is the lead advisor, managing underwriter, co -underwriter and co -underwriter for the execution of the IPO while CIMB Investment and AmInvestment are the lead underwriters and co -underwriters.
Senheng is expected to be listed in January 2022.
