A Malaysian halal-checking service is preparing to brave the volatile stock markets to join London’s junior market Aim. DagangHalal, which claims to be the world’s first online hub for verifying suppliers of food and other goods adhere to Islamic principles, has hired London brokers Arden and Optiva to sell shares next month. It is thought that Dagang is looking to raise up to £4m through share sales in both Malaysia and London, which will give it an overall market value of £12.5m. The company posted revenues of 3.4m Malaysian ringgit (£572,000) for 2014, and made a profit of about 730,000 ringgit. As well as working with various government and independent halal authorities across Asia to check food suppliers are within the rules, Dagang also sells consultancy services and offers training courses for suppliers. The firm will authenticate food, consumer goods, pharmaceuticals and leisure sites if they comply with Shariah law. While the business currently operates in Asia, it aims to expand into European markets, consolidating the various certificates for suppliers into a single site. “With widespread internet use and smartphone adoption across the world’s Muslim population, we now have the infrastructure to be able to check product authenticity anytime and anywhere,” said chief executive Mohamed Hazli Mohamed Hussain. There has been a drought of major listings on the London stock market so far this year, as a 20pc drop in equity prices scared off all but a handful of companies. However, a number of smaller players have floated on the Aim, including Circle Property and Shield Therapeutics. This is thought to be the first IPO of the year for both Arden Partners and Optiva.
Sourced through Scoop.it from: www.telegraph.co.uk