KUALA LUMPUR (March 28): Retail management solutions provider Panda Eco System Bhd is targeting a listing on the ACE-Market of Bursa Malaysia to support its business expansions.
Based on its bourse filing on Tuesday (March 28), the initial public offering (IPO) consists of a public issue of 109.29 million new shares or 16.3% of its enlarged share capital of 671.19 million shares after its IPO.
Panda said that 33.56 million new shares will be made available for the Malaysian public, including 16.78 million shares for public investors and 16.78 million shares for Bumiputera public investors.
Meanwhile, 42.77 million new shares were reserved for eligible directors, employees and persons who have contributed to the success of the group.
The group also said that 32.95 million new shares were allocated for private placement to selected investors, in addition to the offer for sale of 61.81 million existing shares by way of private placement to selected investors.
The issue share price of the shares has yet to be announced.
Panda and its subsidiaries were involved in the development, customisation, implementation and integration of its Retail Management Eco-System.
The group was also involved in the trading of third-party software, trading of IT hardware as well as software customisation, implementation and integration of process control and automation solutions.
“Our group’s Retail Management Eco-system is a suite of retail management solutions which support the management of retail operational processes such as POS (point of sale) management, CRM (Customer Relationship Management), ecommerce platform management, supply chain management, management of information on store operations, inventory and warehouse management as well as financial and accounting management,” it said.
For its financial period ended 2022 (FPE2022), the group posted its profit after tax (PAT) of RM5.52 million on a revenue of RM14.94 million.
For its financial year ended 2021 (FY2021), its PAT was RM7.90 million on the back of its revenue of RM20 million. For FY2020, the group reported a PAT of RM6.88 million and revenue of RM16.40 million.
Panda said that the group intends to develop cloud-based modules and expand its solutions offerings under its Retail Management Eco-System over the period of 36 months from the date of its listing.
The group also aimed to expand its workforce and operational facilities for its business expansion in Malaysia, while targeting regional expansion to Indonesia and the Philippines.
On its dividend policy, the group does not have any formal dividend policy and the declaration of dividends and other distributions are subject to the discretion of its board.
“It is our board’s policy to recommend dividends to allow our shareholders to participate in the profits of our group.”
“However, our ability to pay dividends or make other distributions to our shareholders in the future years is subject to various factors such as having profits and excess funds, which are not required to be retained to fund our business,” it added.
M&A Securities is set to be the IPO’s adviser, sponsor, underwriter and placement agent.