The company plans to raise RM5m via the IPO for development and marketing activities, says founder
by RAHIMI YUNUS / pic by ISMAIL CHE RUS
Seers Sdn Bhd aims to be listed on the Leading Entrepreneur Accelerator Platform (LEAP) Market of Bursa Malaysia by mid-July this year.
The water heating manufacturer holds internationally patented 12V driven heat extraction technology and is currently doing due diligence on the LEAP debut with Bursa Malaysia.
“LEAP would raise the company’s profile and consumers’ confidence towards our products, as well as provide more funds to propel the company further,” inventor, founder and MD Ken Foo Kwok Hsing told The Malaysian Reserve yesterday.
Foo said the company plans to raise RM5 million via the initial public offering (IPO) and intends to use the money for product development, as well as advertising and marketing activities.
Seers plans to launch three new innovative electrical products within the next six months.
These products are the “steamcrowave” (a microwave-like appliance using steam method); water softener and heater; as well as a rice cooker that can extract sugar from rice for the benefit of diabetic consumers.
Seers’ sale volume — boosted by its signature hybrid hot water system, which is also the world’s first eco-friendly hybrid technology with 12V power system under the patented technology — currently stands at 13 million to 15 million units annually.
Some 70% of sales are in the commercial segment such as to property developers, 25% to hoteliers and the remaining 5% to the mass consumers.
Moving forward, Foo said Seers plans to expand its market penetration to the retail consumers with new product ranges and services.
“All this while, we have been active on projects with the developers. Now, we will be going strong in promoting our products to the Malaysian consumers,” Foo said.
The company is embracing the Internet of Things with the introduction of a new app to connect all its products to mobile-phone users within the next six months.
The Shah Alam-based company is also exploring new markets in the Asia-Pacific region, particularly Indonesia, Thailand and Vietnam for growth.
At present, Seers exports to the Philippines, Maldives, India and Japan.