KUALA LUMPUR: Cashless payment solutions provider Revenue Group Bhd made a strong debut on the ACE Market of Bursa Malaysia, closing 69% higher at 62.5 sen, on Wednesday.

It opened at 55 sen, which was 18 sen above its offer price of 37 sen each.

At 5pm, it was up 25.5 sen to 62.5 sen. There were 188.29 million shares done at prices ranging from 49.5 sen to 69 sen.
Under its listing exercise, its offer of 11.14 million new shares to the public was oversubscribed by 11.22 times.

There were 3,699 applications for 136.21 million new shares, valued at RM50.40mil from the public.

Revenue Group raised RM20.61mil from its public issue of 55.71 million new shares. 

Its managing director and group CEO Eddie Ng Chee Siong said the company would leverage on the growing electronic payment (e-payment) transactions segment under the government's push for a cashless society by 2020.

He said there will be 800,000 electronic data capture (EDC) terminals in Malaysia, processing one billion transactions by 2020. 

“This augurs well for Revenue Group as the deployment of more EDC terminals shall translate to higher revenue for the group, from the rental or sale of terminals as well as electronic transaction processing services,” he added.

Its three business segments are the distribution, deployment, and maintenance of EDC terminals, electronic transaction processing services for credit and debit cards as well as solutions and services related to payment infrastructure.

The Company’s flagship revPAY facilitates the acceptance of payment transactions across various payment channels, ranging from physical EDC terminals, e-commerce transactions or Quick Response (QR) payments. 

Ng said the company plans to expand its IT team from 35 employees to 50 employees within 24 months to boost the technology of its proprietary platform revPAY to keep up with global standards and cater to higher volume electronic transactions.

“The expansion of the IT team, which is core to our business, will help to support our business expansion and to pursue research and development on new products,” he added.

Currently, Revenue is working on QR Code payment for UnionPay in Malaysia and also researching on e-wallet solutions for Issuers. 

On its overseas expansion plan, Revenue Group had identified Cambodia and Myanmar. Ng said the e-payments system in these countries were still at the infancy stage and Revenue Group could provide its e-payment solutions. 

Also present at the listing were Revenue Group's executive director and group chief technology officer Dino Ng Shih Fang, group chief operations officer Brian Ng Shih Chiow, director Ooi Guan Hoe and also the managing director of corporate finance of M&A Securities Sdn Bhd  Datuk Bill Tan.