KUALA LUMPUR, 13 MAY 2024 - Norman Pang Group (NPG), the country's leading insurance agency, has announced its intentions to go public on the prestigious Singapore Exchange (SGX), during an event held at the Nexus Connexion Conference & Event Centre (CCEC) here today. The ceremony was witnessed by Dato' Azmir Saifuddin Mutalib, Chief Executive Officer of the National Film Development Corporation (FINAS) where NPG’s pre-initial public offering (pre-IPO) on Singapore Exchange engagement agreement was signed between NPG, represented by founder and chairman, Dato’ Seri Norman Pang, Singapore-based Evolve Capital Advisory by its managing partner and chief executive officer, Jerry Chua, and Cannis Chan, chairman of MCI Capital, facilitating the group with its upcoming IPO exercise.

“We are proud to announce the engagement with Evolve Capital Advisory, a leading boutique investment bank in Singapore focused on growth enterprises across Southeast Asia and with an extensive track record being NPG’s Catalist Full Sponsor for public offerings on Singapore Exchange, and MCI Capital, a private equity firm in Malaysia who will assist us in driving forward our aspiration and turn it into reality,” said Pang in his speech, expecting NPG to be publicly-listed on SGX by March 2025.

At the same event, MCI Capital launched the Asia IPO Fund, a dynamic capital fund which catalyzes growth and development across multiple sectors, in particular the capital market. With a fund size reaching up to RM250 million, the Asia IPO Fund represents a significant milestone in NPG's strategic roadmap, a significant portion of which will go towards assisting Malaysia’s small and medium enterprises (SMEs) especially the Pre-IPO of NPG to grow their businesses and set them on a path towards IPO.

On top of that, NPG has also expressed its commitment towards significant investments to bolster local film production efforts and promote local talents on a global scale. For that reason, NPG made a major announcement in which it will begin collaboration with FINAS to invest in the local entertainment industry with the primary target of investments being film productions and distributions. These initiatives reflect NPG's dedication to elevating Malaysia's cultural footprint.

A substantial portion of the fund, amounting up to RM25 million, has been earmarked for investments in the local entertainment industry. These investments encompass a spectrum of initiatives, including film production, distribution, and related ventures, highlighting NPG's commitment to fostering growth and innovation within the Malaysian entertainment ecosystem.

“At FINAS, we welcome collaborations with all companies, big or small, local or international,” said Azmir, commending NPG’s commitment to invest in local films. “This investment signifies a reinvigorated focus on elevating the Malaysian entertainment industry, which conforms to FINAS’ mission of spurring domestic growth of the industry at home, as well as its international visibility.”

NPG's rise to prominence within Malaysia's insurance sphere has been nothing but phenomenal. Bolstered by a record-breaking first-year premium collection of RM63.4 million in 2023 and a formidable workforce comprising over 380 registered and contracted agents, NPG has solidified its position as an industry leader since the agency began in 2006 with only 6 agents.

Looking forward, NPG has charted an ambitious goal as Pang proclaimed, “We are targeting a year-on-year growth of 10%. We are also setting our sights on reaching a first-year premium collection of RM80 million, proof of our commitment to expanding our reach and impact in the insurance industry.”

To fuel this growth, NPG plans to recruit 200 new agents and increase its count of Million Dollar Round Table (MDRT) achievers to 80, surpassing its previous record of 66 MDRTs achieved in 2023.

Commenting on NPG's pre-IPO announcement, Chua said “Evolve Capital Advisory is pleased to be selected to act as the sponsor and issue manager for NPG, an exemplary home-grown insurance agency led by a visionary founder. Under Dato’ Sri Norman Pang’s leadership, NPG is now at a pivotal growth stage, and we are pleased to kickstart NPG’s IPO listing process. This further reinforces our philosophy of bringing growth-oriented enterprises to the SGX Catalist platform.”

In the wake of these monumental announcements, Pang also expressed optimism for the company's future trajectory, affirming NPG's steadfast commitment to not only become an inspiration to local businesses through its successes, but also help them to grow and emulate NPG’s achievements, contributing to a more robust and dynamic economy across various sectors in Malaysia.