PETALING JAYA: Manforce Group Bhd
has signed an underwriting agreement with M&A Securities Sdn Bhd in conjunction with its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
Manforce provides foreign worker management, manual labour and hostel services across key sectors including manufacturing, services and construction, with clients in food and beverage, retail, healthcare, property and automotive industries across Peninsular Malaysia.
According to the prospectus exposure, Manforce’s IPO comprises a public issue of 99.98 million new ordinary shares and an offer for sale of 19.99 million existing shares, representing 25.0% of the group’s enlarged issued share capital of 399.98 million shares. Under the terms of the underwriting agreement, M&A Securities will underwrite 29.99 million shares, comprising those allocated to the Malaysian public and eligible persons under the pink form allocation.
The remaining shares will be placed to bumiputra and selected investors via private placements.
Managing director Datuk Wong Boon Ming said the underwriting marks a key milestone in Manforce’s journey towards listing on the ACE Market, adding that the group has built a resilient business foundation centred on compliance, efficiency and digital transformation.
“With the IPO proceeds, we intend to expand our worker management capacity, enhance information technology (IT) and automation systems, and strengthen our service ecosystem to meet Malaysia’s growing workforce demands.
“This listing will allow us to further scale our operations and reinforce our position as a trusted and responsible workforce management partner,” Wong said in a statement.
The IPO proceeds will be used mainly for expansion, including new worker recruitment quotas, enhancements to IT and operational systems, as well as working capital and listing expenses, to improve efficiency, scalability and service innovation.
M&A Securities 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.
