KUALA LUMPUR: Consumer electrical and electronics retailer, Senheng New Retail Bhd (Senheng) plans to raise RM267.5 million in net proceeds from its initial public offering (IPO) on the Main Market of Bursa Securities to fund its next transformation phase and shape the nation’s new retail landscape.
Senheng is expected to list on the local bourse on Jan 25, 2022, and its IPO exercise entails the public issue of 250 million new shares and an offer-for-sale of 139.5 million existing shares at an issue price of RM1.07 per share.
Executive chairman Lim Kim Heng said 60 per cent or RM160.5 million of the proceeds from the public issue would go towards the setting up of new stores, as well as the upgrading of existing stores into bigger, enhanced concept stores.
“We ultimately aim to deliver better service quality to our customers, grow our base of loyal PlusOne customers, and reinforce our position as the number one partner to suppliers and brand owners,” he said in a speech at the launch of Senheng’s virtual prospectus here today.
The group aims to upgrade or set up 61 existing and new stores between 2022 to 2024 to elevate the shopping experience of its customers.
Source: The Star
