Malaysia’s largest home-improvement retailer seeks $361m in IPO

KUALA LUMPUR — Home-improvement store operator Mr DIY Group of Malaysia opened its initial public offering for bids, aiming to raise 1.5 billion ringgit ($360.6 million) in what would be the country’s largest stock market listing since 2017.

The company on Tuesday unveiled its prospectus, an important step to listing on the main board of Kuala Lumpur’s stock exchange, known as Bursa Malaysia. Mr DIY’s first two attempts at listing — late last year and the first half of 2020 — were shelved amid the coronavirus pandemic.

The offering would give the company a market capitalization of 10 billion ringgit post-IPO, CEO Adrian Ong said at an online news conference after the prospectus was released.

Mr DIY is targeting a retail price of 1.60 ringgit a share, with the institutional offering consisting of 779.95 million shares and 161.53 million shares allocated for the retail offering.

“We today have a 29% market share of the overall home-improvement retail market in Malaysia,” he said, adding that the company has been growing faster than the country’s annual industry average of 10.2%.

“About 300 million ringgit [of the IPO’s proceeds] would be mainly used to repay existing debts,” Ong added.

The offering would be the largest in Malaysia since chemicals producer Lotte Chemical Titan raised about 3.77 billion ringgit in July 2017.

Since Mr DIY opened its first location in 2005, the company has fast grown into Malaysia’s largest home-improvement retailer, with 674 stores across the country and four stores in Brunei. In addition to the Mr DIY core brand, the company also operates two other store chains: Mr Toy, which sells affordable toys, and Mr Dollar, which offers a fixed-price point model.

“We are adding stores at a very fast pace, which suggests that we have confidence in the business,” Ong said. The company has set a two-year target, which began in January this year, to open 307 new stores.

Each of the Mr DIY stores can cost between 1 million ringgit and 1.6 million ringgit. The company so far has no ambitions to venture outside of its existing markets, he said.

Ong said that the pandemic affected the company financially because of the “movement control order” imposed in Malaysia, where most of Mr DIY stores had been closed earlier this year for at least a month. However, that has been compensated with a spike in sales since restrictions were lifted in May.

The Malaysian government imposed a nationwide lockdown for two months beginning in mid-March, forcing nonessential businesses to close in order to limit activity.

“We recorded a revenue of 416 million ringgit for the first two months of the year” before the lockdown, he said. “In contrast, we registered sales of 466 million ringgit in May and June, combined.”

Cornerstone investors for Mr DIY include Fidelity International, BlackRock and AIA.

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Legacy Bath and Kitchen Ranked as one of America’s Largest

Legacy Bath and Kitchen Ranked as one of America's Largest

SAN ANTONIO, TX – Legacy Bath and Kitchen, a San Antonio based remodeling company, has been ranked in Qualified Remodeler’s list of the top 500 remodeling companies in the nation.

Qualified Remodeler is a leading publication in the remodeling and home improvement industry. This is the publication’s 42nd annual TOP 500 Remodelers list. They have ranked Legacy Bath and Kitchen number 203 out of 500 remodeling companies. The criteria used to determine their placement in the ranking includes total remodeling revenue, years in business, industry association memberships, industry certifications, industry awards and community service.

Legacy Bath and Kitchen recently went through a total rebrand and like many local businesses, has faced difficult times during the COVID-19 pandemic and financial crisis.

“To be on this list in the midst of a rebrand and economic crisis shows us that our efforts to run an exceptional remodeling business are paying off,” Krishelle Hicks, Owner of Legacy Bath and Kitchen said. “To be in the company of so many excellent remodeling businesses across the country is gratifying and humbling.”

This is Legacy Bath and Kitchen’s second time to land on the Qualified Remodeler top 500 list. The family-owned and operated company has also won other awards for their quality of service including the Angie’s List 2019 Super Service Award.

For more information about Legacy Bath and Kitchen, please contact Kriselle Hicks at [email protected] or visit https://www.legacybathandkitchen.com/.

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Legacy Bath and Kitchen
15719 US-281 N, San Antonio, TX 78232
(210) 361-3587
[email protected]
[email protected]

About Legacy Bath and Kitchen – Founded in 2006, Legacy Bath and Kitchen was started with the purpose of creating beautiful and functional kitchens and bathrooms for our clients. Our team is devoted to making remodels big and small exceed client expectations. Through professionalism, design expertise and excellent communication, Legacy Bath and Kitchen is the key to an exceptional remodel.

This release was published on openPR.

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Exploring the Largest Tropical Botanical Garden in the Americas

Nestled in the heart of the Americas, in the beautiful country of Honduras, you will find the largest botanical garden in the Americas: Lancetilla Botanical Garden. Its name comes from one of the local plants that is quite abundant here: the Lancetilla Palm, a lovely tropical palm tree that is protected by a nasty set of thorns that keep it away from the menu of the diverse local animals, as well as off the roofs of the thatched palms that locals build.

Lancetilla Botanical Gardens is located in the lovely destination of Atlantida, right in the heart of Central America's Caribbean Coast, jus t outside the city of Tela. Atlantida, was the actually created as a department (local equivalent to a state of province) to facilitate the activities of two large fruit companies that established themselves in the area at the beginning of the Twentieth Century: The Vaccaro Brothers Company, which later became the Standard Fruit Company, and the Tela Railroad Company, which is part of the United Fruit Brands. The first had its operational and administrative hub in the city of La Ceiba, and the latter in the city of Tela.

As part of an effort to find different fruits that would be a profitable produce to export, the Tela Railroad Company established a center for investigation and created what today is known as Lancetilla Botanical Garden. Here, a large collection of exotic fruit trees from Central and South America, as well as Asia, Africa and even Oceania was put together, with experimental plantsations of several of them, including the absolutely delicious Mangosteen and Rambutan from southeast Asia. Get acquainted with the over 16 different species of palms that form part of the local collection, and walk under the tunnel that the giant spiny bamboo forms at the end of the trail.

Today Lancetilla Botanical Garden is managed by the ESNACIFOR, which stands for National School of Forest Sciences, whose headquarters is in the City of Siguatepeque, in the department of Comayagua. The Gardens are open to the public year round, and have a nice, well kept trail and great guides that will make exploring the largest botanical garden in the Americas a truly learning experience.

Lancetilla Botanical Gardens is also a great place for birdwatchers, because the abundance of tropical fruits make it a site that naturally attracts birds of different species who thrive on the abundance of food in the area.

Plan on spending at least three or four hours in the garden, but make sure you bring some insect repellent with you, as a large part of this tropical garden is covered with a dense jungle that makes mosquitoes thrive!

Lancetilla is but one of the many different nature and educational activities that you can enjoy in Atlantida, which is probably the most complete destination of its sort in the World, certainly in Central America.

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