KUALA LUMPUR (March 13): Workers recruitment and management company Manforce Group Bhd (KL:MFGROUP) is eyeing a transfer of its listing from Bursa Malaysia’s LEAP Market to the ACE Market.

In a filing on Thursday, M&A Securities Sdn Bhd, on behalf of Manforce, said the transfer involves the company's entire issued share capital. As of March 6, Manforce's issued share capital was RM21.33 million comprising 319.98 million shares.

"To facilitate the implementation of the proposed transfer of listing, the company proposes to adopt a new constitution of the company to replace the existing constitution in its entirety to be in line with the ACE Market Listing Requirements," said the filing.

Manforce plans to seek the approval of its shareholders for the listing transfer, at an extraordinary general meeting scheduled for the second quarter of 2025.

According to the filing, Manforce's public shareholding stood at 12.3% as at March 6. However, for the ACE Market listing, the company is required to meet a public shareholding of at least 25% of its listed shares to be held by a minimum number of 200 public shareholders with each of them holding at least 100 shares.

Manforce's major shareholder and managing director Datuk Wong Boon Ming currently holds 253.49 million shares or 79.2% of the total number of issued shares. Another 27.20 million shares or 8.5% is held by his spouse, Datin Lim Gun Kiau, who is the company's non-independent non-executive director.

The company has been listed on the LEAP Market since Dec 11, 2018.

Manforce's profit surged 218% to RM6.26 million for the financial year ended Aug 31, 2024 (FY2024) from RM1.96 million a year earlier. Earnings per share jumped to two sen from 0.6 sen.

Revenue was up 30.12% at RM145.45 million from RM111.78 million in FY2023.

For the first half of FY2024, the company had recorded a revenue of RM87.84 million. The foreign worker management services business contributed RM58.96 million or 67.12% of the revenue, while the manual labour services was the second largest revenue contributor, accounting for RM28.58 million or 32.53% of total revenue.

The remaining included hostel management services and other ancillary services for the company which contributed 0.35% of total revenue or RM306,000 to the company.

Shares of Manforce closed unchanged at 24 sen on Thursday, giving the company a market capitalisation of RM76.8 million.