KUALA LUMPUR, Johor-based bakery manufacturer HSS Holdings Bhd is planning to list on the ACE Market of Bursa Malaysia, aiming to raise funds to expand and upgrade its production facilities.
According to its draft prospectus filed with Bursa Malaysia on Thursday (Oct 9), the group’s initial public offering (IPO) will comprise 75 million new shares — equivalent to 15% of its enlarged share capital — and an offer-for-sale of 52.5 million existing shares or 10.5%, bringing the total offering to 25.5% of the company’s shares.
Of the new shares, 25 million will be allocated to the Malaysian public, 10 million to eligible directors, employees, and contributors, 10 million via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), and 30 million to selected investors.
Following the IPO, major shareholder Essential Family Ventures Sdn Bhd — controlled by non-independent non-executive director See Toh Kean Yaw and Joseph Lee Moh Hon — will see its stake trimmed to 14.8% from 23.5%, while managing director Goh Chen Chang’s shareholding will decrease to 5.3% from 12.4%.
Incorporated in April 2025 and converted into a public company in September, HSS Holdings manufactures and markets a variety of bakery goods — including cookies, biscuits, cakes, and snacks — under brands such as SINAR. Its products are either produced in-house, outsourced to third-party manufacturers, or sourced directly from brand owners.
Financially, the group’s profit after tax rose 42.8% to RM7.8 million for the financial year ended Dec 31, 2024 (FY2024), compared to RM5.46 million the year before. Revenue increased 21.2% to RM160.22 million, from RM132.23 million in FY2023. HSS generates most of its sales from Malaysia and Singapore, while also exporting to Indonesia, Australia, and Cambodia.
