KUALA LUMPUR (March 17): LEAP Market-listed Manforce Group Bhd (KL:MFGROUP), a foreign worker recruitment and management firm, has secured M&A Securities Sdn Bhd to underwrite its planned listing on the ACE Market.
According to a statement on Tuesday, Manforce said M&A Securities will underwrite 29.99 million shares, or almost 20% of the public issue of 99.98 million shares, comprising those allocated to the Malaysian public and eligible persons under the Pink Form allocation. Manforce’s initial public offering (IPO) also comprises an offer for sale of 19.99 million existing shares.
“This underwriting marks a key milestone in our journey towards listing on the ACE Market. Over the years, Manforce has built a resilient business foundation centred on compliance, efficiency and digital transformation,” Manforce managing director Datuk Wong Boon Ming said.
The IPO will offer a 5% stake of the enlarged issued share capital to the Malaysian public, 2.5% to eligible contributors of the group, 5% to selected investors via private placement and 7.5% for Ministry of Investment, Trade and Industry (Miti)-approved Bumiputera investors via private placement.
It also includes an offer for sale of 5% to Miti-approved Bumiputera investors via private placement. Proceeds from the offer for sale will accrue to Wong, the sole selling shareholder.
The listing exercise is set to fund the expansion of Manforce’s worker management capacity, enhance IT and automation systems, and strengthen its service ecosystem, according to Wong.
“This listing will allow us to further scale our operations and reinforce our position as a trusted and responsible workforce management partner,” he added.
M&A Securities is also the principal adviser, sponsor and placement agent, while Eco Asia Capital Advisory Sdn Bhd is Manforce’s financial adviser.