EMCC, also a retailer and trader of gold and luxury products, will offer for sale 43 million existing shares, or 3.9% of its enlarged issued shares, to selected investors by way of placement.

Out of the 267.6 million new shares, 55.7 million shares will be made available to the Malaysian public via balloting; 27.9 million shares for its eligible directors and employees as well as persons who contributed to the success of the group (pink form allocation); and 44.6 million shares by way of placement to selected investors.

The remaining 139.4 million shares are earmarked for selected Bumiputera investors approved by the ministry of investment, trade and industry (Miti), it said in a statement after entering into an underwriting agreement with Mercury Securities Sdn Bhd for its initial public offering (IPO) and listing on the ACE Market today.

Mercury Securities will underwrite a total of 83.6 million shares made available to the Malaysian public and for the pink form allocations.

EMCC executive director and group managing director Low Kok Chuan said the demand for pawnbroking services is expected to grow as it offers a faster solution for those who require immediate and short-term financial assistance as compared to getting a bank loan.

“Our pawnbroking services fill the gap not served by financial institutions as our pawn loans offer an alternative for the unbanked and underbanked population by allowing them to convert their valuable personal items into cash to meet their funding needs.

“With the upcoming listing, we aim to strengthen our profile and enhance our brand awareness to capture larger market share,” he said.

EMCC is scheduled to be listed by September, with Mercury Securities as the principal adviser, sponsor, underwriter, and placement agent for its IPO.

Established in 2012, EMCC is principally involved in the provision of pawnbroking services through its network of 22 “Pajaking” pawnshops strategically located in Kuala Lumpur, Selangor, Negeri Sembilan and Pahang.