KUALA LUMPUR, MALAYSIA / ACCESS Newswire / February 17, 2025 / RichTech Digital Berhad ("RichTech" or the "Company"), a company involves in the distribution of electronic reloads and provision of bill payment services in Malaysia, made its debut on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities") today. The Company opened at RM0.75 per share, achieving a 200% premium over its Initial Public Offering ("IPO") price of RM0.25 per share.
Caption from L to R:
Ms. Koo Woon Kan ?????, Senior Independent Non-Executive Director, RichTech Digital Berhad;
Mr. Yeoh Jie Hu ?????, Independent Non-Executive Director, RichTech Digital Berhad;
Mr.Tan Yeon Kieng ?????, Independent Non-Executive Director, RichTech Digital Berhad;
Ms. Agnes Wong Eei Nien ?????, Executive Director, RichTech Digital Berhad;
Mr. Lee Teik Keong ?????, Managing Director, RichTech Digital Berhad;
Mr. Yau Ming Teck ?????, Substantial Shareholder, RichTech Digital Berhad;
Mr. Wong Koon Wai ?????, Independent Non-Executive Chairman, RichTech Digital Berhad;
En. Ahmad Fazlee bin Aziz, Co-Head / Director, Corporate finance, KAF Investment Bank Berhad;
Mr. Yap Chin Fatt ?????, Director, Corporate Finance of KAF Investment Bank Berhad
RichTech is listed under the stock name "RTECH" and stock code "0342".
Established in 2010, RichTech is a provider of electronic reloads and bill payment services in Malaysia, powered by its proprietary SRS platform. The SRS platform enables electronic reloads for mobile airtime and data, prepaid digital TV, gaming credits, application credit, and e-wallet credit, as well as bill payments for postpaid mobile network, utilities, maintenance services of national sewerage systems, internet, postpaid digital TV, quit rent, assessment payment, and education loans. Presently, it serves over 4 million users nationwide.
Through its IPO, RichTech successfully raised RM13.67 million. The proceeds will be utilised as follows:
RM4.50 million for marketing, promotional and collaboration activities to expand the user base of end-users for its SRS App and SRS Portal.
RM3.00 million for the acquisition of a new office, consolidating RichTech's headquarters and branch office under one roof for corporate profiling and ease of administration.
RM3.00 millionfor working capital to support the growing digital transaction volume and platform scaling.
RM3.17 million for estimated listing expenses.
Mr. Wong Koon Wai, Non-Independent Non-Executive Chairman of RichTech, commented, "Today's listing on the ACE Market represents a significant milestone for RichTech as we embark on our next phase of growth. This achievement underscores our commitment to delivering innovative and reliable solutions for electronic reloads and bill payment services. We are excited about the opportunities ahead and remain focused on driving innovation, expanding our market presence, and creating sustainable value for our stakeholders."
En. Rohaizad Ismail, Chief Executive Officer of KAF, added, "RichTech's successful listing highlights the strong confidence in its vision and growth potential. We are proud to support the Company in this transformative journey and believe this milestone will pave the way for RichTech to strengthen its leadership in Malaysia's fast-evolving electronic reload and bill payments industry."
According to an Independent Market Research report, the electronic reload and bill payment services industry in Malaysia grew at a compound annual growth rate (CAGR) of 13.4% from 2020 to 2023 and is projected to grow at a CAGR of 11.5% from 2024 to 2026. RichTech is well-positioned to capitalise on this growth, supported by its advanced platform, strong supplier relationships, and extensive user network.
The listing on Bursa Securities provides RichTech with a strong foundation to accelerate its growth strategy and solidify its position as a key player in the digital payment ecosystem.
About RichTech Digital Berhad ("RichTech")
RichTech Digital Berhad is a provider of electronic reload and bill payment services in Malaysia, driven by its proprietary SRS platform. Established in 2010, the SRS platform enables electronic reloads for mobile airtime and data, prepaid digital TV, gaming credits, application credit, and e-wallet credit as well as bill payments for postpaid mobile network, utilities, maintenance services of national sewerage systems, internet, postpaid digital TV, quit rent, assessment, and education loans. With a network of over 4 million users nationwide, the Company delivers a one-stop solution with secure, scalable, and innovative technology to meet Malaysia's growing demands on electronic reloads and bill payment sector.
For more information, visit https://richtech.my/index.html
Swan Consultancy Sdn. Bhd. on behalf of RichTech Digital Berhad
For more information, please contact:
Jazzmin Wan
Email: j.wan@swanconsultancy.biz
Xinyi Ching
Email: x.ching@swanconsultancy.biz
SOURCE: Richtech Digital Berhad
View the original press release on ACCESS Newswire
