KUALA LUMPUR (Aug 27): Apparel retailer EMPG Group Bhd has received approval-in-principle from Bursa Malaysia for its proposed listing on the ACE Market.
The approval marks another step forward for the company’s initial public offering (IPO), EMPG managing director Loh Tau Sing said in a statement. No timeline for the IPO was disclosed, though a company will have to complete its IPO within six months of approval.
“The IPO will support the next phase of our growth as we accelerate the expansion of our retail network, further strengthen our multi-brands positioning, enhance our operational and logistics infrastructure and continue to broaden our product offerings,” Loh said.
Based in Kedah, EMPG is mainly involved in the retail and wholesale of apparel for men, women and children. Its portfolio includes in-house brands such as Exhaust, Idexer, Silverland, Brittania and Ventine, alongside licensed brands Hummer and Pierre Cardin.
EMPG’s retail network comprises consignment counters across Malaysia, stand-alone outlets in the Klang Valley and e-commerce platforms.
Proceeds from the IPO have been earmarked for expansion of its retail network. The plan is to open 100 new consignment counters and 15 boutiques within 24 months of its listing.
The rest will be used as working capital and to cover listing expenses.
Loh and Datuk Lee Leong Hock, a co-founder and the deputy chairman, are cashing part of their stake in EMPG through an offer for sale under the IPO.
Berjaya Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO, while Wyncorp Advisory is the corporate finance adviser.