Empire Premium Food Berhad
Prospectus Date: 25 March 2026
Empire Premium Food Berhad IPO: Malaysia’s Leading Sushi Chain Targets Main Market Listing with RM152.6 Million Growth Strategy

IPO Snapshot: Key Details and Investor Highlights

Empire Premium Food Berhad is launching its Initial Public Offering (IPO) on the Main Market of Bursa Malaysia Securities. This IPO represents a significant opportunity for investors seeking exposure to Malaysia’s fastest-growing sushi restaurant chain. Empire Premium’s robust financials, aggressive expansion plans, and prominent market positioning are central to this offering.

• IPO Symbol: Not disclosed
• Offer Price: Retail Price set at RM0.70 per share
• Total Offer Size: Up to 363,000,000 ordinary shares
• Shares Offered: 145,000,000 existing shares (Offer for Sale) + 218,000,000 new shares (Public Issue)
• Post-IPO Outstanding Shares: 1,100,000,000
• Estimated Market Capitalisation: RM770.0 million (based on RM0.70/share)
• Offer Timetable:
  • Retail Offering Opens: 10:00 a.m., 25 March 2026
  • Retail Offering Closes: 5:00 p.m., 31 March 2026
  • Institutional Offering Closes: 1 April 2026
  • Price Determination Date: 7 April 2026
  • Balloting: 7 April 2026
  • Allotment/Transfer: 16 April 2026
  • Listing Date: 17 April 2026

Key Placement Breakdown:

Dividend Policy: Empire Premium intends to maintain a dividend policy, with details provided under “Financial Information” below.

Use of Proceeds: Expansion, Upgrades, and Working Capital

Empire Premium Food Berhad’s IPO proceeds are clearly growth-driven:

• Expansion of Outlets: RM79.1 million (51.8%) allocated to expanding grab-and-go and quick dine-in formats across Malaysia within 36 months
• Upgrading & Refurbishment: RM12.6 million (8.3%) for renovations and equipment replacement at existing outlets
• Working Capital: RM52.1 million (34.1%) for purchase of input materials, packaging, beverages, and miscellaneous expenses
• IPO & Listing Fees: RM8.8 million (5.8%) for professional fees, authority fees, commissions, and related costs

The Offer for Sale will raise up to RM96.3 million for the selling shareholder, Empire 11, with no proceeds going to the company.

Deal Parties and Offering Structure: Leading Institutions Back the IPO

Principal Adviser, Sole Bookrunner, Sole Underwriter, and Sole Placement Agent: Maybank Investment Bank Berhad

Maybank IB’s involvement as sole bookrunner and underwriter signals high confidence in deal execution. Retail and institutional tranches are managed with detailed clawback and reallocation provisions to ensure full subscription and regulatory compliance.

Stabilization/Over-Allotment: Not disclosed

Business Model and Market Position: Malaysia’s Modular Sushi Chain

Empire Premium Food Berhad operates Malaysia’s largest sushi chain by revenue and number of outlets. The company’s modular, scalable business model facilitates rapid expansion. Outlets are strategically located in shopping centres, hypermarkets, airports, and transit hub malls, maximizing brand visibility and customer footfall.

• Key Products & Services: Sushi menu, grab-and-go and quick dine-in outlets, beverages
• Revenue Streams: Direct sales from owned outlets, consignment outlet arrangements
• Customer Segments: Malaysian public, shopping mall visitors, airport travelers
• Geographic Coverage: Nationwide, Peninsular Malaysia focus
• Industry/Sector Definition: Food and Beverage (F&B), Sushi Chain Operations

Competitive Advantages:

• Leading market position based on revenue and outlets
• Modular and scalable operations
• Strong brand visibility in high-traffic locations
• Proven 15-year track record
• Capability for menu innovation and R&D

Financial Health: Multi-Year Performance and Key Metrics

Empire Premium exhibits robust financial growth and profitability:

Current Ratio: 1.8 (FYE 2025)
Gearing Ratio: 0.3 (FYE 2025)
Number of Outlets: 122 (FYE 2025), with expansion to 143 by FPE 30 Sep 2025

Dividend Policy and Commitment

Empire Premium’s dividend policy is to distribute dividends based on profits available for distribution. The company has declared:

• Final dividend for FYE 31 March 2025: RM15.0 million
• Interim dividend for FYE 31 March 2026: RM15.0 million
• Final dividend for FYE 31 March 2026: RM12.0 million

Dividend payout ratios and future commitments: Not stated specifically, but historical payouts indicate a willingness to return value to shareholders.

Investor Participation and Book Quality: Institutional and Retail Tranches

Institutional Offering: Up to 293,000,000 shares, with 137,500,000 reserved for Bumiputera investors approved by MITI.
Retail Offering: 70,000,000 shares, with allocation for directors, employees, contributors, and Malaysian public.
Anchor/Institutional Investors: Not named.
Oversubscription Metrics: Not disclosed.

Ownership, Promoter Holdings, and Lock-Up Arrangements

Pre-IPO Major Shareholder: Empire 11 (100% pre-IPO; owned equally by Nicole Lim and Jordan Tan)
Post-IPO Ownership:

Lock-Up Period: Moratorium for 6 months post-IPO for Promoter shares and ESOS Options.

ESOPs: Up to 29,550,000 ESOS Options granted to LTIP Eligible Persons, vesting conditions apply.

Growth Strategy and Expansion Plans

Empire Premium is executing a clear growth strategy:

• RM79.1 million to expand grab-and-go and quick dine-in outlets in various Malaysian states within 36 months
• RM12.6 million for upgrading existing outlets to elevate customer experience
• Ongoing R&D for new menu development
• Investments in operational capacity and facilities
• Marketing and brand visibility initiatives

Risk Factors: Quantified Exposures and Key Vulnerabilities

Investors should note the following principal risks:

• Supplier Concentration: Reliance on a limited number of third-party suppliers for food ingredients and processed products
• Operational Disruption: Potential interruptions due to supply chain issues or seasonality
• Legal & Regulatory: Need for continuous compliance with food safety, labour, and other regulations
• Customer Concentration: Not material due to broad retail base
• Related Party Transactions: Ongoing monitoring and oversight mechanisms in place
• Market Risks: Vulnerability to macroeconomic shifts, consumer preferences, and competitive dynamics
• Lock-Up Risks: Promoter and management shares under moratorium, limiting near-term free float

Management Team and Board

Key Executives:

• Nicole Lim – CEO, Promoter
• Jordan Tan – COO, Promoter
• Lim Chung Liang – CFO
• Darren Khoo Yen Jen – Head of Marketing
• Independent Non-Executive Directors: Rohaiza Binti Mohamed Basir (Chairperson), Syed Razif Al-Idid, Datuk Khairul Idham Bin Ismail, Elaine Law Soh Ying

Promoters have a proven track record and deep sector experience, as evidenced by sustained financial growth and successful outlet expansion.

Sector Trends, Timing, and Market Environment

Empire Premium’s IPO is timed amid favorable sector momentum:

• F&B sector continues to grow in Malaysia, supported by urbanization and rising consumer demand for convenient, quality food
• Empire Premium’s modular outlet model aligns with evolving consumer preferences for grab-and-go and quick dine-in formats
• Seasonality: Modest, with steady sales throughout the year; operational metrics show increasing outlet count and ticket averages
• Macro environment: Stable, with no adverse indicators disclosed
• IPO dates: Retail opens 25 March 2026, closes 31 March 2026; Listing 17 April 2026

Recent Developments: Pre-IPO Acquisition completed; outlet upgrades and new expansions planned; strong financial performance continues with increasing margins and outlet growth.

Valuation and Peer Comparison

Offer Valuation:

• Price/Earnings (P/E): 20.3x (based on EPS 3.45 sen, PAT RM37.9 million, 1,100,000,000 shares)
• Price/Book (P/B): 4.7x (based on pro forma NA per share of RM0.15 at RM0.70/share)

Peer Comparison: Not disclosed in prospectus.

Listing Outlook: Subscription Quality and First-Day Performance

Empire Premium’s IPO appears well-structured, growth-driven, and backed by a leading investment bank. The company’s strong financials, market leadership, and clear expansion plans suggest favorable listing-day performance. Book quality is supported by substantial institutional allocations and detailed clawback provisions. Moratoriums on promoter/management shares ensure stability in free float post-listing.

Estimated First-Day Trading Range: Inferred to be at or above RM0.70, given sector leadership, robust growth, and dividend history. Investors may expect initial strength relative to offer price, especially with Maybank IB’s involvement and the company’s dominant market position.

Prospectus Access and Application Channels

Website for IPO prospectus: www.bursamalaysia.com

Application Channels: Participating brokers, banks, and eligible e-IPO platforms. Application forms are available in print only; online access for prospectus via Bursa Malaysia website. Application window: 25 March 2026 (10:00 a.m.) to 31 March 2026 (5:00 p.m.).

Conclusion: Empire Premium Food Berhad IPO – A Compelling Growth Opportunity

Empire Premium Food Berhad’s IPO is a standout offering for investors seeking exposure to Malaysia’s dynamic F&B sector. The company’s financial strength, growth-driven use of proceeds, and sector leadership position it for favorable market performance. Robust dividend history and rapid outlet expansion further enhance its appeal. Investors should carefully consider risk factors and the competitive landscape, but the underlying fundamentals and deal structure suggest Empire Premium is poised for a successful listing.