M&A appointed underwriter for Revenue Group’s IPO

KUALA LUMPUR: M&A Securities Sdn Bhd will serve as the adviser, sponsor, underwriter and placement agent for Revenue Group Bhd’s initial public offering (IPO) on the ACE Market of Bursa Malaysia.

The cashless payment solutions provider is scheduled to be listed in July this year.

Revenue Group said in a press statement that it had signed an underwriting agreement with M&A Securities for the underwriting of a total of 22.28 million new shares, which will be made available for the Malaysian public and its eligible directors and employees.

“The listing exercise would strengthen Revenue Group’s financial position as we embark on the next phase of our business expansion plans,” said its managing director and group CEO Eddie Ng Chee Siong.

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 capability to accept Quick Response payment; enhancement of revPAY platform and expansion of its information technology team; repayment of bank borrowings; business expansion to Cambodia and Myanmar; and general working capital requirements.

The IPO exercise involves the issuance of 55.71 million new shares, of which 11.14 million will be available to the Malaysian public via balloting.