From left: Eco-Shop Marketing Bhd chief human resource officer Ng Siew Yen, chief financial officer Chong Yew Kai, executive director and CEO Jessica Ng, Maybank Investment Bank Group and Maybank Investment Bank CEO Michael Oh-Lau and managing director and Maybank Investment Bank regional head of equity capital markets Raymond Chooi
KUALA LUMPUR: Eco-Shop Marketing Bhd has signed an agreement making Maybank Investment Bank Bhd its sole underwriter for its upcoming listing on the Main Market of Bursa Malaysia.
Eco-Shop is one the largest and fastest-growing retailers in Malaysia, with a market-leading position in terms of revenue in the dollar store segment as at Dec 31, 2023.
The company currently operates 358 stores nationwide, which includes 22 stores in its Eco-Plus retail format.
According to Eco-Shop CEO and executive director Jessica Ng, the listing will help to fuel the company's expansion in the underpenetrated Malaysian dollar store segment.
"The demand for affordable, high-quality products remains robust, and this listing will raise proceeds to accelerate store expansion, expand distribution capabilities, and invest in information technology, among other initiatives.
"Positioned to capitalise on the growing dollar store retail sector in Malaysia, Eco-Shop plans to continue its expansion, particularly in sub-urban and rural areas, aiming to open approximately 70 new stores per year over the next five years," she said in a statement.
Meanwhile, Maybank Investment Bank Group and Maybank Investment Bank CEO Michael Oh-Lau said Eco-Shop's listing on Bursa Malaysia will provide investors with unique exposure to Malaysia's value retail segment.
"Eco-Shop’s market leadership, scalable business model and unwavering focus on delivering affordable products make the company a compelling proposition for investors," he added.
The company's initial public offering (IPO) entails up to 862.15 million shares, comprising an institutional offering of up to 675.368 million shares and retail offering of 186.778 million shares.
Maybank Investment Bank is the principal adviser, joint global coordinator, joint bookrunner and sole underwriter for Eco-Shop’s IPO.
