Revenue Group to list on ACE Market by July

KUALA LUMPUR: Revenue Group Bhd, is scheduled for listing on the ACE Market by July 2018.

The company recently received Bursa Malaysia’s approval for its initial public offering (IPO).

In a statement yesterday, the electronic payments solutions provider said the IPO exercise would involve the issuance of 55.71 million new shares, representing 25 per cent of the enlarged share capital.

“New shares of 11.14 million will be made available to the Malaysian public via balloting, another 11.14 million new shares allocated for its eligible directors and employees, while the remaining 33.43 million new shares are earmarked for private placement to selected investors,” Revenue said.

As part of the listing exercise, it said existing shareholders would also make an offer for the sale of 16.71 million shares by way of private placement to selected investors.

Managing director and group chief executive officer Eddie Ng Chee Siong said the IPO would provide the company with greater financial flexibility to pursue future growth opportunities to widen its market reach and customer base in Malaysia, as well as, retain and attract new, skilled employees in the electronic payments and information technology (IT) Industry.

“Proceeds from the IPO will be used mainly for capital expenditure to purchase about 9,000 units of new digital electronic data capture terminals with the capability to accept Quick Response Payment, enhancement of the revPAYplatform and expansion of the IT team and repayment of bank borrowings.

“It will also fund business expansion to Cambodia and Myanmar, general working capital requirements and defray listing expenses for the IPO,” he added. — Bernama