KUALA LUMPUR (July 26): 99 Speed Mart Retail Holdings Bhd (99 Holdings) has signed a retail underwriting agreement with CIMB Investment Bank Bhd (CIMB IB), Affin Hwang Investment Bank Bhd, and RHB Investment Bank Bhd, in conjunction with its upcoming initial public offering (IPO).
In a statement on Friday, 99 Holdings said the target is to list on the Main Market of Bursa Malaysia in the third quarter (3Q2024).
99 Holdings is primarily engaged in the retailing of daily necessities, predominantly fast-moving consumer goods, through its extensive network of mini-market outlets across Malaysia.
The '99 Speedmart' chain currently has over 2,600 outlets nationwide.
99 Holdings’ IPO of up to 1.43 billion ordinary shares (IPO shares) will comprise an offer for sale of up to 1.03 billion existing ordinary shares, and a public issue of 400 million new ordinary shares (issue shares) to be allocated in the following manner:
CIMB IB is the sole managing underwriter for the IPO. It will also jointly underwrite the entire retail offering of the IPO with Affin Hwang IB and RHB IB as joint underwriters.
99 Holdings founder and chief executive officer Lee Thiam Wah said that by tapping into the capital market, the group would be able to accelerate expansion plans and continue scaling its store network.
“This will further solidify our position as the largest mini-market chain retailer in Malaysia, enhancing our brand recognition in the region. It will also drive consumer engagement, and enable the public to participate in the company’s growth,” he said.