Senheng New Retail gets SC nod to list on Main Market

Executive chairman of Senheng New Retail Lim Kim Heng said: “Senheng has grown into one of the most prominent retail brands in Malaysia, thanks to our constant drive to innovate and provide the best shopping experience.” Pic of Grand Senheng outlet in SS2.

KUALA LUMPUR: Malaysia’s leading consumer E&E retailer, Senheng New Retail Bhd has obtained the Securities Commission’s (SC) approval to list on the Main Market of Bursa Malaysia Securities Bhd.

In a statement on Monday, it said Senheng, founded in 1989, has grown its retail network to 104 stores in the country, and is supported by various online retail platforms.

The group’s stores carry more than 280 renowned consumer E&E brands, featuring a comprehensive range of digital gadgets, audio visuals, home appliances and related products.

A first-mover in digital adoption and transformation, Senheng continues to deliver excellent customer satisfaction via its Seamless New Retail model. The group has a growing customer base, with over 3 million PlusOne loyalty members to-date.

Executive chairman of Senheng New Retail Lim Kim Heng said: “Senheng has grown into one of the most prominent retail brands in Malaysia, thanks to our constant drive to innovate and provide the best shopping experience.”

Lim pointed out Senheng is one of the early adopters of the Seamless New Retail model and digitalisation, with all facets of its operations enhanced by technological tools that optimize our business strategies.

He explained as a digitally-forward company, Senheng’s operations are highly adaptable to challenges in the business environment.

“In fact, we recorded healthy growth in our financial performance despite multiple iterations of the movement control order. This is attributed to our ability to provide uninterrupted service to customers via our integrated e-commerce and telemarketing channels.”

“With the approval from SC to list on Bursa Malaysia, we are now ready to embark on our next phase of growth, and we believe that the IPO exercise will help us further strengthen our entrenched market position in the consumer E&E industry,” he added.

Senheng is expected to list in January 2022. Mercury Securities Sdn Bhd is the principal adviser, managing underwriter and joint bookrunner for the IPO exercise, while CIMB Investment Bank Bhd and AmInvestment Bank Bhd are the joint bookrunners and joint underwriters.