Revenue Group secures Bursa Malaysia's nod for ACE Market listing

PETALING JAYA: Revenue Group Bhd has received Bursa Malaysia Securities’ approval to list on the ACE Market by July this year.
The cashless payment solutions provider said its initial public offering (IPO) exercise involves the issuance of 55.71 million new shares, representing 25% of its enlarged share capital.
Of the 55.71 million new shares, 11.14 million will be available to the Malaysian public via balloting.
As part of the exercise, existing shareholders of Revenue Group will also make an offer for sale of 16.71 million shares by way of private placement to selected investors.
“The IPO will facilitate Revenue Group with greater financial flexibility to pursue future growth opportunities to widen our market reach and customer base in Malaysia as well as to retain and attract new, skilled employees in the electronic payments and IT Industry,” said its managing director and 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.
M&A Securities is the adviser, sponsor, underwriter and placement agent for Revenue Group’s IPO.