Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on June 12, 2018

KUALA LUMPUR: Cashless payment solution provider Revenue Group Bhd plans to raise RM20.61 million from its initial public offering (IPO) to expand its business in Malaysia and across selected Asean countries like Cambodia and Myanmar.

Revenue, which is scheduled to be listed on Bursa Malaysia’s ACE Market on July 18, said in its prospectus that the company also plans to use the IPO proceeds to enhance its revPAY payment platform, and to repay bank borrowings.

Revenue managing director and group chief executive officer Eddie Ng Chee Siong told reporters after the group’s prospectus launch yesterday the group plans to acquire 9,000 new electronic data capture (EDC) terminals with the capability to accept Quick Response Payment to enhance its revPAY, which will support the company’s business expansion in Malaysia.

Ng said this is in line with Bank Negara Malaysia’s initiative to increase the adoption of cashless payments. “We currently finance the purchases of our EDC terminals by utilising internally generated funds. The proceeds allocated will provide us with readily available cash in-hand for the purchase of EDC terminals,” he added.

The group’s IPO comprises a public issue of 55.71 million new shares and an offer for sale of 16.71 million existing shares at 37 sen each.

Based on Revenue’s enlarged share capital of 222.85 million shares upon listing, the group expects to have a market capitalisation of RM82.45 million.

M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for Revenue’s IPO, Revenue said.

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