KUALA LUMPUR (Jan 5): Evergreen Max Cash Capital Bhd (EMCC) is expanding its “Pajaking” pawnshop network by acquiring two more pawnshops in high foot-traffic areas of Sri Petaling, Kuala Lumpur and Shah Alam, Selangor, aiming to grow its total pawnshop count to 24.

In a statement on Thursday, EMCC said its revenue had increased by 63.8% to RM74.8 million, while profit after tax rose by 35.7% to RM10.2 million as compared to the previous year.

Datuk Low Kok Chuan, EMCC's executive director and group managing director, highlighted that proceeds from the company's initial public offering are aimed at expanding its network, with plans to add five more pawnshops by 2024.

“With contributions from the newly acquired pawnshops, we are positive on delivering a stronger financial performance this year,” he added.

EMCC recently went public on the ACE Market of Bursa Malaysia Securities Bhd, raising RM64.2 million.

The majority of these funds will be used for expanding the pawnshop network and as cash capital for the pawnbroking business.

Meanwhile, EMCC remains optimistic about the pawnbroking industry’s potential for growth, and plans to further increase its pawnshop count, both through new openings and potential acquisitions.

The company also emphasises its commitment to maintaining high standards of customer service to attract and retain customers.

At 12.30pm on Friday, EMCC was traded at 42.5 sen a share, translating into a market capitalisation of RM473.83 million.