Manforce debuts at 18.5 sen on Leap Market listing

?The proposed project, if materialised, could provide Tan Chong Motor with opportunity to expand its foothold in the automotive industry in Vietnam,? the company said in a filing with Bursa Malaysia last Friday

KUALA LUMPUR: Manforce Group Bhd made its debut on the Leading Entrepreneur Accelerator Platform (LEAP) Market of Bursa Malaysia, opened at 0.5 sen premium to 18.5 sen a share from its initial public offering price of 18 sen.

Manforce is in the business of supplying foreign workers management, manual labour, and foreign workers insurance products and services.

“The listing on the Leap market of Bursa Malaysia will take the group to the next level, boosting the company profile to another level,” said chief financial officer Andrew Chin Kok Weng to reporters after the listing ceremony on Tuesday.

Under the listing exercise, Manforce has raised RM8.6mil proceeds, of which about 87.3% or RM7.5mil will be used for working capital and the balance of RM1.1 million is to defray the estimated listing expenses.

Manforce managing director Datuk Paul Wong Boon Ming said the company’s immediate plan after listing was to hire and manage up to 1,800 additional foreign workers within 24 months.

Currently, the firm is managing 3,355 foreign workers, of which the group manages a total of 1,709 foreign workers under the foreign workers management services and 1,646 foreign workers under our employment,

“The industry we are in is a volume game and there is always a mismatch between the supply and demand in the market, of which demand is always greater than supply,” he said.

He pointed out the firm is also looking to expand its offering in the construction, automotive and semiconductor industries.