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KUCHING: Retail technology solutions provider Radiant Globaltech Bhd (Radiant) targets to continue expansion in SEA region with near term focus on the Indonesian market. Speaking at the IPO prospectus launch yesterday, Radiant Group’s managing director Paul Yap said that the group’s proposed listing on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Malaysia) aimed […]
KUALA LUMPUR: Retail technology solutions provider Radiant Globaltech Bhd plans to raise RM29.5 million from its initial public offering (IPO) and expand in the Southeast Asia (SEA) region, in particular the Indonesian market.
Speaking at the IPO prospectus launch, Radiant group managing director Paul Yap Ban Foo said that the group’s proposed listing on the ACE Market of Bursa Malaysia Securities Bhd on July 24, aims to extend Radiant group’s regional footprint and raise funds to support its expansion plans.
“We are mindful of the economic growth and rapid urbanisation in SEA, which create a conducive environment for the retail sector. The anticipated conversion from manual systems to automated retail technology solutions presents growth opportunities for us,” he said in a statement.
Yap said it is armed with experience in Vietnam and Cambodia to continue its expansion plans in SEA region, with near term focus on Indonesia’s booming retail market.
“We also intend to aggressively pursue growth in our in-house retail software management solutions, namely AX Retail B2B Portal and AX Retail Consignment Portal, and leverage on our large customer base of hardware customers to cross-sell our software products. We aim to enhance operational efficiency, facilitate seamless retail management processes, and enable efficiency and transparency within the supply chain of retail clientele,” he said.
The group also plans to establish a regional sales support team to raise awareness and enhance sales for the group’s software products.
Radiant Group incorporated its Vietnam and Cambodia office in 2006 and 2013 respectively. Since then, the group has established a reputable track record, securing sales from Parkson Vietnam, Aeon Vietnam, and Aeon Cambodia, amongst others.
For the financial years ended Dec 31, 2015 (FY15) to 2017 (FY17), Radiant group’s revenue increased from RM66.4 million to RM80.8 million, while net profit grew RM6.3 million to RM7.1 million.
Radiant Group’s IPO entails the issuance of 128.1 million new shares at 23 sen per share, of which 11.0 million shares will be for application by the Malaysian public.
There would also be an offer for sale of 12.0 million existing shares allocated for private placement to select investors.
Of the total IPO proceeds of RM29.5 million to be raised, RM11.6 million would be utilised for business and capital expansion, RM3.0 million for the expansion of the group’s retail software business, while RM4.8 million is for working capital.
Additionally, RM6.6 million would be slated for the repayment of bank borrowings with remaining RM3.5 million applied towards defraying of listing expenses.
Alliance Investment Bank Bhd is the principal adviser, sponsor, sole underwriter, and placement agent for the IPO exercise.
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PETALING JAYA: Comfort Gloves Bhd is acquiring a piece of land measuring about 157,500 square metres in Kinta, Perak for RM13.22 million.
The company said its wholly owned subsidiary Comfort Rubber Gloves Industries Sdn Bhd had on June 22 entered into a sale and purchase agreement with Nestle Manufacturing (Malaysia) Sdn Bhd for the land purchase.
The purchase sum is to be satisfied in cash via internally generated funds.
Comfort Gloves said the proposed acquisition is in line with its future expansion plans and to take up more business opportunities.
Its shares gained 1.8% to close at 86 sen on 856,500 shares done.