Company Name: Empire Premium Food Berhad

Date of Prospectus: 6 March 2026

Empire Premium Food Berhad IPO: Growth-Driven Expansion in Malaysia’s Sushi Market

Empire Premium Food Berhad is set to debut on Bursa Malaysia’s Main Market, offering investors exposure to Malaysia’s leading sushi chain operator. This IPO features robust financial growth, a clear expansion-driven use of proceeds, strong dividend commitments, and a transparent risk profile. Explore all key facts, figures, and strategic implications for investors.

Empire Premium Food Berhad IPO Snapshot: Key Terms and Offer Details

Empire Premium Food Berhad (IPO Symbol: Not specified) positions itself as Malaysia’s top sushi chain operator by revenue and outlets. The IPO is structured to raise substantial capital for future growth and offers investors direct access to a fast-expanding consumer food segment.

Use of proceeds:

• Expansion of outlets: RM79.12 million (51.85%) – for setting up 56 new Empire Sushi outlets within 36 months
• Upgrading existing outlets: RM12.64 million (8.28%) – for upgrading 27 outlets
• Working capital: RM52.04 million (34.10%) – purchase of F&B materials, staff costs, rental, utilities
• Listing expenses: RM8.80 million (5.77%)

This allocation signals a strong growth-driven IPO story.

Dividend Policy and Commitment

Empire Premium Food Berhad targets a payout ratio of at least 30% of PAT attributable to owners. Dividends are to be declared after considering working capital and capital expenditure requirements. Recent dividend payouts have been substantial, with a 97.6% payout ratio for FYE 31 March 2025 and 73.2% for FPE 30 September 2025.

Placement and Issuance Breakdown

• Institutional Offering: Up to 293,000,000 IPO Shares (26.6%) – to Bumiputera investors approved by MITI and institutional/selected investors
• Retail Offering: 70,000,000 Issue Shares (6.4%) – 15,000,000 reserved for Eligible Persons; 55,000,000 via balloting to Malaysian Public (half set aside for Bumiputera applicants)
• Post-IPO Shareholding: Empire 11 (major shareholder) retains at least 67.0% of enlarged issued shares

Deal Parties and Structure

• Principal Adviser, Sole Bookrunner, Sole Placement Agent, Sole Underwriter: Maybank Investment Bank Berhad
• Reporting Accountants: Grant Thornton Malaysia PLT
• Legal Advisers: Foong & Partners, Christopher & Lee Ong
• Independent Business & Market Research Consultants: Vital Factor
• Internal Control Consultant: Sterling Business Alignment Consulting Sdn Bhd

Maybank IB’s multiple roles and prominent market position suggest strong support for listing-day performance.

Company Overview: Business Model, Revenue Streams, and Market Leadership

Empire Premium Food Berhad operates Malaysia’s largest sushi chain under the Empire Sushi brand. The business model is owner-operator, directly managing all outlets:

• 143 sushi outlets as at LPD: 127 grab-and-go, 16 quick dine-in
• Revenue streams: food and beverage sales – sushi products and other F&B items
• Customers: primarily individual end-consumers (take-away, dine-in, online); minimal corporate revenue (<0.1%)
• Geographies: network spans shopping centres, hypermarkets, airports, and transit hubs throughout Malaysia

Market position: Leading sushi chain by revenue and outlets in Malaysia. FYE 31 March 2025 revenue: RM235.6 million. FPE 30 September 2025: RM135.8 million.

Financial Health: Multi-Period Performance and Key Ratios

Cash flow from operations: RM57.0 million (FYE 2025), RM35.5 million (FPE Sep 2025)

Net assets per share: RM0.16 (Pro Forma II), RM0.15 (Pro Forma III)

Debt: Lease liabilities only; no bank borrowings; gearing ratio remains low and stable.

Market Position and Competitive Advantages

• Leading market share by outlet count and revenue
• 143 outlets with strong geographical diversification
• Comprehensive SOPs ensuring consistency across outlets
• Centralised management and direct operation of all outlets
• Brand strength: Eight trademarks registered, one pending
• Financial strength: Enables rapid expansion and resilience

Management Team

• Nicole Lim: CEO
• Jordan Tan: COO
• Supported by a central management team and department heads
• Strong leadership succession and performance-linked remuneration

Trends, Timing, and Market Environment

Sector: Food & Beverage (F&B), sushi segment

• Consumer demand trends: Rising preference for sushi, convenience, and health-conscious dining
• Historical growth: Revenue CAGR of 31.1% (FYE 2023-2025)
• Timing: IPO listing planned for 2026; proceeds to support immediate and medium-term expansion
• Macro environment: Stable domestic economic conditions, but subject to inflationary pressures and government policy changes
• Recent developments: Addition of outlets, dividend payments, and listing preparations

Market conditions inferred as favorable for a growth-driven IPO in Malaysia’s consumer segment.

Risk Factors

• Supplier dependence: Top 5 suppliers account for ~78% of purchases; concurrent disruption could impact operations
• Insurance adequacy: RM310.8 million total coverage; loss of key persons insured for RM1.0 million each
• Brand risk: Vulnerable to negative publicity, consumer boycotts, and social media trends
• Regulatory risk: Compliance with labour, immigration, and food safety regulations; non-compliance addressed through enhanced SOPs
• Pandemic risk: Prior COVID-19 closures; ongoing risk of business interruption
• Dividend risk: No guarantee of future payments; subject to Board discretion and financial performance
• Ownership concentration: Promoters retain significant influence (67% post-IPO)
• Competition: Sector is highly competitive; success depends on maintaining market share and consumer relevance

Growth Strategy

• New outlet expansion: 56 new outlets planned within 36 months
• Upgrading existing outlets: 27 outlets targeted for enhancement
• Focus on high-traffic areas: Office buildings, residential zones, transport hubs
• Continuous brand and product innovation: To match evolving consumer preferences
• Long-Term Incentive Plan (LTIP): To align management and employee interests with growth

Ownership and Lock-Ups

• Pre-IPO: Empire 11 (Promoters Nicole Lim and Jordan Tan) owns 100%
• Post-IPO: Empire 11 retains at least 67% of shares
• Moratorium and lock-up arrangements: Restrictions for Promoters and Substantial Shareholders post-listing; details in Section 2.2 and 4.8.3
• LTIP: Up to 10% of shares available for employee options and grants

Valuation and Peer Comparison

No peer company financials or sector valuation multiples are disclosed for comparison. Empire Premium Food Berhad’s financial ratios (PBT margin, PAT margin, current ratio, gearing) indicate strong profitability and balance sheet stability.

Research & Opinions

No analyst coverage, price targets, or explicit opinions are included in the document.

IPO Allotment Result

Final subscription outcomes by tranche not provided. However, structured allocations to both institutional and retail investors suggest balanced participation.

Listing Outlook

Empire Premium Food Berhad’s IPO appears attractive for investors seeking exposure to Malaysia’s fast-growing consumer F&B segment. The financial track record, growth-driven use of proceeds, strong dividend history, and leading market position signal potential for robust first-day performance. With institutional backing and strong retail allocation, the IPO is poised for a confident debut.

Estimated first-day trading range: Based on financial strength and sector demand, shares may trade above the offer price. Book quality and deal structure support positive momentum, with likely strength relative to the RM0.70 indicative price.

Prospectus Access

Website to obtain prospectus: www.empirepremiumfood.com.my

Application channels, brokers, and window not specified.