Empire Premium eyes RM152.6 mln Main Market listing

KUALA LUMPUR (March 25): Owner and operator of the Empire Sushi chain, Empire Premium Food Bhd, has launched its prospectus in conjunction with its initial public offering (IPO) ahead of its listing on the Main Market of Bursa Malaysia.

The IPO involves up to 363 million ordinary shares, comprising a public issue of 218 million new shares and an offer for sale of up to 145 million existing shares.

This represents approximately 33.0 per cent of the company’s enlarged issued share capital.

In a statement on Wednesday, the group said the public issue is expected to raise about RM152.6 million at an IPO price of 70 sen per share.

Empire Premium currently operates 143 Empire Sushi outlets nationwide, including four in Sarawak and one in Sabah. As of February 26, 132 of its outlets are Halal certified, with the rest to follow progressively.

A total of RM79.1 million, or 51.8 per cent of the proceeds, has been allocated for expansion plans, including the rollout of 56 new outlets over the next three financial years. These will comprise both grab-and-go and quick dine-in formats.

Another RM12.6 million (8.3 per cent) will be used to upgrade and refurbish selected existing outlets, while RM52.1 million (34.1 per cent) is earmarked for working capital.

The remaining RM8.8 million (5.8 per cent) will be used to cover IPO-related expenses.

Based on the enlarged share capital and the IPO price, the company is expected to achieve a market capitalisation of approximately RM770 million upon listing.

The group has also adopted a dividend policy targeting a payout of at least 30 per cent of profit after tax attributable to shareholders.

Chief executive officer Nicole Lim said the prospectus launch marks a key step in the company’s growth journey as it transitions into a listed entity.

“We will continue to introduce high-quality and affordable sushi offerings, in line with our mission of making sushi part of everyday life,” she said.

Maybank Investment Bank Bhd chief executive officer Michael Oh-Lau said the firm is well positioned to capitalise on Malaysia’s resilient domestic market and growing demand for affordable, high-quality food.

“We are confident that the group is well positioned to strengthen its market leadership and capture further growth as it progresses ahead as a public listed company,” he said.

Applications for the retail offering has opened and will close at 5pm on March 31.