KUALA LUMPUR: Senheng New Retail Bhd opened at 90 sen a share on its debut on the Main Market of Bursa Malaysia, which was 17 sen or 15.89% beneath its its preliminary public providing worth of RM1.07.
At 11.25am, the inventory was buying and selling 16.36% or 17.5 sen lower at 89.5 sen apiece on the again of 124.73 million shares traded.
In an announcement issued at the side of the itemizing ceremony, Senheng government chairman Lim Kim Heng mentioned the electronics retailer was assured over its plan to develop its model distribution enterprise.
“We proceed to determine appropriate manufacturers of kitchen equipment, private and wonder care merchandise, house electricals and IoT merchandise to present wider decisions to Malaysian customers and additional elevate the usual of residing of the rakyat,” he mentioned.
He added that the bigger product portfolio shall be complemented with the brand new Senheng app and enhance buyer site visitors.
According to Lim, Senheng targets to distribute dividends of at least 30% of web revenue to its shareholders.
“With our seamless New Retail platform, Senheng has a resilient enterprise mannequin that has confirmed to resist and even outperform the competitors.
“Our monetary efficiency for the 9 months ended Sept 30, 2021, exhibits this clearly regardless of two months of closures as a result of motion management order, our income nonetheless elevated by 12.3% year-on-year, which is quicker than the business’s 6.8% progress in whole E&E retail month-to-month common gross sales.
“With our progress methods in place, we’re assured of our future prospects,” he mentioned.
Senheng mentioned it had raised a complete of RM267.5mil in IPO proceeds, of which RM22mil will go in the direction of its new model distribution enterprise and RM160.5mil in the direction of organising new shops in addition to upgrading shops into greater, enhanced idea shops.
The group targets to arrange or improve 61 new and current shops from 2022 to 2024.
Meanwhile, an additional RM29.7mil shall be used to develop and improve the warehouse and logistics community and boosting the group’s digital infrastructure.
