KUALA LUMPUR (April 2): Manforce Group Bhd (KL:MFGROUP), which is seeking to transfer from the LEAP Market to the ACE Market of Bursa Malaysia, has received approval from the exchange for a waiver on the requirement to extend an exit offer to shareholders.

In a filing on Wednesday, the company said Bursa Malaysia has also granted it an exemption from appointing an independent adviser for the proposed transfer.

Manforce, which made its debut on the LEAP Market seven years ago, specialises in foreign and local worker recruitment and management services.

On March 13, the company announced plans to transfer to the ACE Market, involving its entire issued share capital. As of March 6, Manforce’s issued share capital stood at RM21.33 million, comprising 319.98 million shares.

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

The company’s major shareholder and managing director, Datuk Wong Boon Ming, currently holds 79.2% of the issued shares. His spouse Datin Lim Gun Kiau, a non-independent non-executive director, holds another 8.5%.

However, under ACE Market listing requirements, the company must ensure that at least 25% of its listed shares are held by a minimum of 200 public shareholders, each holding at least 100 shares.

Manforce’s shares closed unchanged at 24 sen on Wednesday, giving it a market capitalisation of RM76.8 million.

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