SEERS TO RAISE RM5. 15M FROM LEAP LISTING

Water-heating solutions specialist SEERS Bhd (Seers) expects to raise RM5.15 million under its proposed listing on the LEAP Market of Bursa Malaysia Securities Bhd (Bursa Securities).

Seers plans to use RM1.3 million (25.2%) raised from its initial public offering (IPO) as capital expenditure (capex), and RM2.95 million (57.3%) as general working capital. The remainder RM900,000 (17.5%) will be used to defray estimated listing expenses.

“It is our intention to leverage on our market position to increase our market share in Malaysia, for which we hope to expand into the retail market for water-heating appliances in Malaysia,” said Inventor Ken Foo Kwok Hsing, the co-founder and managing director of Seers.

At present, Seers’ products are widely and mainly used in residential, commercial and industrial buildings, while its principal market is in Malaysia. With the Malaysian population continuing to rise, Inventor Ken said the group expects the sustained purchasing power and growing private consumption among customers to ensure steady growth in demand of Seer’s products.

“As such, we expect the demand for our products to continue to expand, albeit at a moderate pace, underpinned by our sustained economic growth and consumption spending, growing population, and the construction of new homes and commercial buildings,” he said.

The group also aspires to grow beyond Malaysia. A small percentage of Seers’s revenue currently comes from the export of its products to overseas, mainly the Philippines, Singapore and India. “The group is always on the lookout for growth opportunities and so we hope to include Indonesia, Vietnam, Cambodia and Thailand in our portfolio next,” added Foo.

Under the listing exercise, Seers is issuing 64.406 million shares at RM0.08 per share. Upon listing, Seers will have a market capitalisation of RM20.61 million, based on the enlarged share capital of 257.625 million.