PETALING JAYA: Manforce Group Bhd
is eyeing a listing on the ACE Market of Bursa Malaysia.
The company is principally involved in the provision of foreign worker management services, manual labour services and hostel management services.
In its prospectus exposure, released today, the company said its initial public offering (IPO) will entail the public issue of 80 million new ordinary shares.
M & A Securities Sdn Bhd is the sponsor of the company’s IPO.
The company said proceeds from the IPO will be used for business expansion, enhancement of information technology operational systems, working capital and listing expenses.
“We rely on our foreign partners to source and recruit foreign workers. They utilise their database and networks in the respective source countries to match suitable candidates with our job requirements.
“We are dependent on the quality of foreign workers. Our ability to supply suitable foreign workers may be impacted by the availability of the right fit of workers from the source countries,” said the company.
