KUALA LUMPUR: Papaajack Bhd, a licensed pawnbroker, opened for commerce right this moment at 39 sen a share, a 9 sen or 30% premium over its situation worth of 30 sen a share.
Saying its debut on the ACE Market of Bursa Malaysia, Pappajack managing director and CEO Lim Boon Jua stated the corporate was coming into a brand new part of development because the itemizing affirms its main place within the pawnbroking business.
“We’ve got come a good distance since we opened our first pawnbroking outlet in Klang, Selangor, and right this moment we’re proud to be the primary licensed pawnbroking group of firms to be listed on the ACE Market of Bursa Malaysia.
“We’ve got been working diligently since 2014 to develop our enterprise and at last, we’re seeing the fruits of our laborious work,” stated Lim in a press release.
Pappajack had beforehand introduced that it intends to make the most of the proceeds of RM50.1mil from the preliminary public providing (IPO) for money capital and funding the enlargement of its shops.
As well as, the corporate will purchase third-party pawnbroking shops in Peninsular Malaysia to additional its enlargement.
“Pawnbroking has been round for hundreds of years as a vital service for individuals in want of instant funds by way of pawning their valuables as safety to get a money advance through which they’re charged curiosity.
“Right now, pawnbrokers in Malaysia are labeled as non-bank monetary establishments, pawnbroking enhances the monetary ecosystem by offering short-term micro-loans to clients who’re financially unserved or underserved by standard monetary establishments,” stated Lim.
He added that pawnbrokers proceed to play a significant position by supporting individuals who search instant funds to assist their momentary monetary wants in a way that’s handy, fast and versatile.
In tandem with the inventory’s debut, Pappajack introduced the opening of two new pawnbroking shops in Selangor, comprising the primary of the 5 deliberate new shops.
Together with the lately launched shops, Pappajack has a complete of 27 pawnbroking shops in operation.