KUALA LUMPUR: Manforce Group Bhd
has received approval from Bursa Malaysia Securities Bhd to list on the ACE Market of Bursa Malaysia, marking its transition from the LEAP Market.
The group, which provides foreign workers’ management, manual labour and hostel management services across sectors including manufacturing, construction, food & beverage, retail and healthcare, manages an average of about 6,761 workers as at the financial year ended Feb 28, 2025.
Manforce’s initial public offering (IPO) will comprise 99.98 million new shares, representing 25% of its enlarged share capital of 399.98 million shares, alongside an offer for sale of 19.99 million existing shares to Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
Managing director Datuk Wong Boon Ming said the approval from Bursa Securities represents an important step forward for Manforce as we strengthen our position as a trusted and compliant workforce management partner in Malaysia.
“Over the years, we have continuously improved our operational systems, compliance frameworks, and service capabilities to support the country’s evolving foreign workforce needs.
“The ACE Market listing will enable us to support further recruitment and workers’ management services, pursue approved workforce quota expansion, and invest in technology-driven solutions to serve clients more efficiently,” he said in a statement.
The proceeds from the IPO will primarily be utilised for the expansion of new foreign workers’ recruitment quotas, investment in IT systems, working capital, and listing-related expenses.
These initiatives are expected to strengthen Manforce’s growth capacity, operational efficiency, and service ecosystem in Malaysia’s workforce management sector.
M & A Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO, while Eco Asia Capital Advisory Sdn Bhd serves as the financial adviser for the group.
