KUALA LUMPUR (March 26): Travel agency Yes Group Management Bhd is seeking to list on the ACE Market of Bursa Malaysia to raise funds for its expansion plans, as it foresees growing demand for incentive travel to European destinations.  

“Upon gaining familiarity with the European market, we may consider expanding our service offerings to also provide ground travel arrangements in Europe using internally generated funds,” Yes Group said in its prospectus exposure filed with the exchange on Thursday.

The group, which was founded in 2008 by managing director Angela Mak, said it intends to set up a regional office in the UK.

Part of the IPO proceeds will also be channelled towards the establishment of Yes Academy, a training and development centre aimed at nurturing tour leaders and managers to support rising demand in the meetings, incentives, conferences and exhibitions (Mice) industry.

The academy will be open to the public and is expected to offer industry-oriented programmes, including short courses, workshops and corporate training, alongside practical exposure through participation in the group’s travel and event engagements, according to the prospectus.

Yes Group is mainly involved in customised incentive travel and event planning solutions, serving corporate clients across various industries.

The group also holds a licence under the Malaysia My Second Home (MM2H) programme — a long-term residency scheme administered by Securities Commission Malaysia that allows foreigners to reside in Malaysia under certain financial and eligibility criteria.

The programme just underwent revisions as part of broader efforts to revitalise foreign interest in Malaysia, including developments linked to Johor’s Forest City.

Yes Group's proposed listing also comes at the time Malaysia is moving ahead for its Visit Malaysia campaign, targeting 47 million tourist arrivals, despite some observers cautioning that the tourism campaign may face headwinds from rising geopolitical tensions, particularly in the Middle East, which could drive up airfares and dampen long-haul travel demand.

According to the prospectus, the proposed IPO involves the issuance of 73.01 million new shares. Of these, 23.4 million shares will be allocated to the Malaysian public, 4.68 million to eligible persons, and 44.93 million via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry.

Yes Group will also proceed with an offer for sale of 48.67 million existing shares by Mak. Following the listing, her shareholding will be pared down to 74%.

The IPO price and implied market capitalisation have yet to be determined.

Yes Group does not currently have a formal dividend policy. For the financial year ended June 30, 2025, the group posted a net profit of RM7.34 million on revenue of RM75.47 million.

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