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Press release
Apr 17, 2023 14:00 JST
Source:
Synergy House Bhd
Synergy House Berhad Obtains Approval for ACE Market Listing, Engages Kenanga IB as Underwriter
- Synergy House Berhad's IPO will comprise an IPO of 130.0 million shares comprising a public issue of 80.0 million new shares and offer for sale of 50.0 million existing shares
- Kenanga IB will manage the underwriting of 37.5 million shares comprising 25.0 million new shares allocated for the public and 12.5 million existing shares allocated for eligible persons
KUALA LUMPUR, Apr 17, 2023 - (ACN Newswire) - SYNERGY HOUSE BERHAD, a cross-border e-commerce seller and furniture exporter of ready-to-assemble (RTA) home furniture, has entered into an underwriting agreement with Kenanga Investment Bank Berhad (Kenanga IB) for the Group's upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad.
Executive Director of Synergy House Berhad Teh Yee Luen and Tan Eu Tah; Executive Director, Head of
Group Investment Banking and Islamic Banking of Kenanga Investment Bank Berhad Datuk Roslan Hj
Tik, and Acting Head of Corporate Finance of Kenanga Investment Bank Berhad Alvin Ooi [L-R]
Prior to entering into the agreement, the Group had earlier obtained the approval from Bursa Securities for admission to the Official List as well as the listing of its shares on the ACE Market of Bursa Securities.
In conjunction with its listing, Synergy's IPO exercise will comprise a total of 130.0 million shares including a public issue of 80.0 million new shares representing 16.0% of the enlarged issued share capital. The IPO shares from the public issue will be allocated in the following manner:
1. 25.0 million shares representing 5.0% of the enlarged issued share capital to be allocated via balloting to the Malaysian public;
2. 12.5 million shares representing 2.5% of the enlarged issued share capital to be allocated to eligible directors, employees and persons who have contributed to the Group ("Eligible Persons");
3. 30.0 million shares representing 6.0% of the enlarged issued shares to be allocated to selected investors by way of private placement; and
4. 12.5 million shares representing 2.5% of the enlarged issued shares capital to be allocated to Bumiputera investors approved by the Ministry of International Trade and Industry ("MITI").
The IPO exercise also includes an offer for sale of 50.0 million existing shares representing 10.0% of the enlarged issued share capital which will be made available by way of private placement to Bumiputera investors approved by the MITI.
Under the underwriting agreement, Kenanga IB will underwrite the 25.0 million new shares made available to the Malaysian public and the 12.5 million existing shares made available to Eligible Persons.
Executive Director of Synergy House, Mr. Tan Eu Tah said, "The signing of the underwriting agreement marks an important milestone for us as it brings us one step closer towards being a listed company. We would like to extend our gratitude to Bursa Securities for granting the approval for our listing. We are also pleased to have Kenanga IB on board as our Principal Adviser, Sponsor, Underwriter and Placement Agent. Our IPO will provide us the capital to grow our business which business model we have adopted since 2004. Since 2004, we have focused solely on the design, development and sales of RTA home furniture and outsource all manufacturing works to third party manufacturers."
Executive Director of Synergy House, Mr. Teh Yee Luen said, "The funds raised via the IPO will enable us to continue to grow our business-to-consumer ("B2C") segment which we started in 2012. Our sales from our B2C segment have increased from RM1.99 million in the financial year ended ("FYE") 31 December 2019 to RM24.78 million in FYE 31 December 2021 at a compound annual growth rate of 252.88%. In tandem with our strategy to continue growing our B2C segment, part of our IPO proceeds will be used to purchase inventories for our B2C segment as well as for the implementation of e-commerce advertising and promotion strategies.
Executive Director, Head of Group Investment Banking and Islamic Banking of Kenanga IB, Datuk Roslan Hj Tik said, "We would like to thank Synergy House for having us onboard for the Group's IPO exercise. The Group's decision to focus solely on design, development and sales of RTA home furniture has been pivotal for its growth. We believe that the Group will be able to continue to leverage its design and development capabilities to further expand its business through the listing. Our best wishes to the Group on this new journey and we look forward to supporting Synergy House in its future endeavours."
Synergy House Bhd:
https://www.synergyhouseberhad.com/
Source: Synergy House Bhd
Sectors: Retail & eCommerce, Daily Finance, Daily News, Regional
Copyright ©2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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