PETALING JAYA: Topmix Bhd foresees an upward trajectory in its sales growth in the near future, driven by recovery in the residential and commercial property markets.
Its managing director Teo Quek Siang said demand for surface decorative products will be driven by increases in foreign and domestic investments, population growth and urbanisation, higher income levels and government initiatives that encourage home ownership.
“Capitalising on this trend, we will intensify our marketing and sales activities and strengthen our Topmix HPL mobile application to increase brand and product awareness,” he said during a press conference after Topmix’s prospectus launch.
In light of this, Teo said the group’s initial public offering (IPO) exercise will allow Topmix to accelerate its expansion plans, as well as strengthen its market presence in the industry.
Aiming to raise a total of RM25.6mil, Teo said RM5.98mil or 23.32% will be allocated towards its business expansion, marketing and sales plans, while RM5.32mil or 20.74% will be allocated to expand into the assembly of melamine faced chipboard products.
Teo said Topmix will be establishing a sales office in the northern region of Malaysia, expand warehouse capacity in the central region as well as enhance its mobile application, as part of its expansion plan.
He believes the northern region has attracted a lot of foreign direct investments, which would bring in a number of affluent populations and lead to an increase in demand.
“Penang is like the Malaysian silicon valley. There are a lot of high-tech companies and it will attract a lot of high-income people. Hence, we believe the northern region will be another contributor to the company,” he said.
Application for Topmix’s IPO is now open and will close on April 4, 2024, at 5pm.