Revenue Group gets Bursa nod to list on ACE Market
02 May 2018

KUALA LUMPUR:  Cashless payment solutions provider Revenue Group Bhd has received Bursa Malaysia Securities' approval to list on the ACE Market. 

The company said on Wednesday the initial public offer (IPO) involves the issuance of 55.71 million new shares, which will represent 25% of the enlarged share capital.

Of the 55.71 million new shares, it will issued 11.14 million units to the Malaysian public via balloting and another 11.14 million shares will be offered to its eligible directors and employees.

Of the 55.71 million new shares, it will issued 11.14 million units to the Malaysian public via balloting and another 11.14 million shares will be offered to its eligible directors and employees.

The remaining 33.43 million new shares will be placed out to selected investors.

As part of its listing exercise, the shareholders will place out 16.71 million shares to selected investors.

Revenue Group manging director and group CEO Eddie Ng Chee Siong said the IPO would provide the company with greater financial flexibility to pursue future growth opportunities.

The company targets to widen its market reach and customer base in Malaysia as well as to retain and attract new, skilled employees in the electronic payments and IT Industry, he said.

Proceeds from the IPO will be used mainly for capital expenditure to buy 9,000 units of new digital electronic data capture (EDC) terminals with capability to accept Quick Response (QR) Payment.

The proceeds will also be used to enhance the revPAY platform and expand its IT team; repay bank borrowings. It also plans to expand to Cambodia and Myanmar.

Revenue Group is scheduled to be listed on the ACE Market by July. M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO exercise.

The company was set up in 2003 and it has been focusing on the  e-payments industry in Malaysia. Its customers include banks, non-bank institutions, physical store merchants, online store merchants and e-money payment scheme.

Its three core businesses are deployment of EDC terminals, e-transaction processing and solutions and services related to payments infrastructure.

It provides multi-channel payment solutions through its flagship platform, revPAY that provides the connectivity between front-end to back-end solutions.

The revPAY platform enables the company to offer one platform to facilitate the acceptance of payment transactions across various payment channels from physical EDC terminals to virtual payments (via e-commerce and mobile commerce channels) to QR Payment, thereby providing cost effective solutions to its customers. 

News Source: The Star Online (https://www.thestar.com.my/bus...)