The Pelita Group of Companies plans to launch an initial public offering (IPO) on the ACE Market of Bursa Malaysia. It is in order to fund their business expansion and capital expenditure by next year.
Pelita Samudra Pertama (M) Sdn Bhd executive director KK Sihabutheen said 30% of the company’s stock would be put up on the market. Ideally, it would take at least 18 months to get the company listed on the Malaysian stock exchange.
More outlets in the future
2020 will be an important year for Pelita Group as there are quite a few events take place. According to KK Sihabutheen, they are also planning to open as many as six new restaurants across Malaysia within the next three years.
Pelita Group is targeting to open more outlets in Penang and Kuala Lumpur in the second quarter of 2020, and another two to three new outlets outside the Klang Valley between 2021 and 2022.
The Pelita restaurants chain began operations in 1994 and employs some 1,600 workers including locals and foreigners. To date, their F&B business is doing great and able to further diversify the business.
Bigger plan to diversify the operation
They are also looking into other industries to expand and diversify the group’s operations. Currently, Pelita Group is planning to set up a private international school in Perai by 2021.
Should the plan succeed, the company would continue to set up more such institutions and include pre-university studies in its programme.