by BERNAMA / pic by TMR FILE
KUALA LUMPUR – Consumer electrical and electronics retailer, Senheng New Retail Bhd (Senheng) made its debut on the Main Market of Bursa Malaysia today at 90 sen, a discount of 17 sen from its offer price of RM1.07.
At the opening bell, the company saw 6.19 million of its shares traded.
Senheng is the first company to be listed on the Main Market this year.
Executive chairman Lim Kim Heng said the company aims to raise RM267.5 million from its initial public offering (IPO), where RM22 million would be used for developing new brand distribution business and RM160.5 million on setting up new stores as well as upgrading existing stores into bigger and enhanced concept stores.
“The group aims to upgrade or set up 61 new and existing stores from 2022 to 2024 to elevate the shopping experience of customers,” he told the media after the virtual listing ceremony today.
Lim said a further RM29.7 million would be used to expand and upgrade the warehouse and logistics network and enhance the group’s digital infrastructure, while the remaining RM55.3 million would be utilised to repay bank borrowings and defray listing expenses.
To date, SenHeng operates over 100 stores nationwide, offering more than 10,000 stock-keeping units from over 280 renowned brands.
As Malaysia’s largest retailer of consumer electronics, Lim said the company aims to continue to identify suitable brands of kitchen appliances, personal and beauty care appliances, home electricals and Internet-of-Things products to give wider choices to Malaysian consumers.
Moving forward, Lim said aside from expanding and upgrading the physical stores, the company would also increase its capabilities on online platforms and back-end operations.
“We will complement the larger product portfolio with the all-new Senheng App, where we aim to bring a whole new lifestyle ecosystem to our loyal PlusOne members.
“The seamless convenience, with attractive S-Coin cashback rewards, will surely increase customer traffic,” he said, adding that Senheng aims to distribute dividends of at least 30 per cent of its net profit to shareholders.