KUALA LUMPUR (March 6): EMPG Group Bhd, the licensed distributor of Pierre Cardin branded Muslimah wear and other apparels, plans to list on the ACE Market of Bursa Malaysia to raise funds for the expansion of its retail network.
According to its draft prospectus filed on Thursday (March 5), the initial public offering (IPO) will include 121.6 million new shares and an offer for sale of 48.5 million existing shares.
The company is seeking funds to open new retail stores across major cities, and expand their brand presence via e-commerce platforms such as Shopee, Lazada, and TikTok.
Based in Kedah, EMPG has its roots in the establishment of Pinly Garment (M) Sdn Bhd by group deputy chairman Datuk Lee Leong Hock, his spouse, Sin Pho Fong, managing director Loh Tau Sing, and two others in 2003.
Today, the group operates a nationwide network of 557 retail points in Malaysia, including 15 Pasaraya MU Sdn Bhd clothing stores in the Klang Valley and 542 consignment counters in well-known department stores, malls, and high-traffic streets. Its products are also sold through online stores and e-commerce platforms such as Shopee, Lazada, and TikTok.
In addition to retail, they also run a wholesale business, selling in-house products to third-party retailers and small businesses, and provide sourcing services to help customers procure finished apparel.
EPMG established Exhaust Garment Sdn Bhd in 2015 to acquire menswear denim brand, Exhaust, which has been retailing in the East Malaysia market since the 1990s.
Exhaust Garment acquired the rights to the Pierre Cardin trademark for Muslimah wear in Malaysia and began selling the line in January 2026. Exhaust Garment has committed to open 15 boutiques and 70 consignment counters within two years, with the due date for the completion of this condition on Aug 31, 2027. It also acquired the Brittania trademark, targeting casual apparel and accessories for young customers, with new designs expected to launch in early 2026.
Under the public issue, 30.3 million shares are allocated to the Malaysian public and 4.3 million shares to eligible persons. The company is also setting aside 75.8 million shares for Bumiputera investors through private placement and 11.2 million shares for selected investors.
Selling shareholders for the offer for sale are founder Lee and managing director Loh Tau Sing. Lee will have its stake reduced from 41.03% to 28.8% while managing director Loh will have his stake pared from 38.79% to 27%.
For the year ended June 30, 2025, the company reported a net profit of RM8.35 million against RM164.64 million in revenue.
Berjaya Securities, formerly known as Inter-Pacific Securities Sdn Bhd, is acting as the principal adviser, sponsor, underwriter, and placement agent for the IPO. While WYNCORP Advisory is acting as the corporate finance adviser.