KUALA LUMPUR (Jan 7): Qube International Bhd, an exhibition and events specialist, eyes ACE market listing to raise funds to build capacity and repay bank borrowings.

Proceeds from its initial public offering (IPO) are earmarked to finance setting up an internal mechanical and electrical team and new assembly facility, new production facility, expand its corporate office, and repay bank borrowings, according to Qube’s draft prospectus filed with Bursa Malaysia.

The proposed IPO will comprise a public issue amounting to a 20% stake in the company, coupled with an offer for sale of 5%.

Qube specialises in integrated exhibitions and events services, ranging from venue management, exhibition design and production and event organising.

Its 35%-owned associate Metco Sdn Bhd, holds the management rights to Malaysia External Trade Development Corp’s Malaysia International Trade and Exhibition Centre (Mitec) till end-2030. The remaining 65% in Metco is held by SSRV Holdings Sdn Bhd and Salam Arenajaya Sdn Bhd.

A check with the Companies Commission Malaysia showed that SSRV is 83.33% owned by Syed Faizal Shah Syed Gulzar Ali Shah and 16.66% by UBBIB Greentech Ltd. Salam Arenajaya Sdn Bhd is 66.66% owned by Azlan Shah Jaffril and 33.33% by Datuk Abu Bakar Fikri Sulaiman.  

The Mitec management contract was previously under its wholly-owned unit, Qube Integrated Malaysia Sdn Bhd, from 2024 to end-2025.

Qube’s earnings have been on the uptrend in recent years. From a profit after tax (PAT) of RM3.13 million in FY2023, to RM5.86 million in FY2024, and a surge to RM46.98 million in FY2025.

Revenue stood at RM69.51 million in FY2023, RM86.52 million in FY2024 and RM254.81 million in FY2025. The surge in topline was thanks to the Mitec venue management, it noted.

Breaking down the IPO, the public issue will comprise 62.27 million shares (5% stake), 18.68 million shares (1.5%) allocated to eligible persons, 93.405 million shares (7.5%) private placement to bumiputera investors, and 74.72 million share (6%) private placement to selected investors.

The 62.27 million shares under the offer for sale will be offered by its substantial shareholders YHR Sdn Bhd, Qube executive director Thong Man Yee and Yap Leng Ping. YHR is 77.33% owned by Qube executive director cum CEO Teo Siong Yam, 14.67% by Teo’s spouse Lee Yah Ho @ Annie Lee, and 8% by their son, Teo Yin Hao.

Based on the company’s current share base, YHR holds an 82.29% stake, followed by Thong with 8.28% and Yap (3.21%).

YHR will offer the largest portion under the offer for sale with 51.24 million shares (4.11% of the enlarged share base), followed by Thong with 5.15 million shares (0.41%) and Yap with 1.998 million shares (0.16%).

Post-listing, YHR’s stake is projected to fall to 61.71%, Thong’s to 6.21% and Yap’s to 2.41%.

NewParadigm Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.