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

       In a statement yesterday, it said Senheng is expected to list in January 2022.

       “With the approval from the SC to list on Bursa Malaysia, we are now ready to embark on our next phase of growth, and we believe that the initial public offering (IPO) exercise will help us further strengthen our entrenched market position in the consumer E&E industry,” said executive chairman of Senheng New Retail Lim Kim Heng.

       Founded in 1989, the group has grown its retail network to 104 stores across Malaysia and is supported by various online retail platforms. It carries more than 280 consumer E&E brands, featuring a comprehensive range of digital gadgets, audio visuals, home appliances and related products.

       Lim said its first-mover in digital adoption and transformation enabled Senheng to deliver excellent customer satisfaction via its seamless new retail model. It has a growing customer base, with over three million PlusOne loyalty members to date.

       “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. We are one of the early adopters of the seamless new retail model and digitalisation, with all facets of our operations enhanced by technological tools that optimise our business strategies. As a digitally-forward company, our operations are highly adaptable to challenges in the business environment. 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,” he said.

       Mercury Securities Sdn Bhd is the principal adviser, managing underwriter and joint bookrunner for the IPO. CIMB Investment Bank Bhd and AmInvestment Bank Bhd are the joint bookrunners and joint underwriters.