KUALA LUMPUR (April 14): Health foods and personal care provider NWE Resources Group Bhd is seeking to list on the ACE Market of Bursa Malaysia to raise funds primarily for expansion, including product development, research and development (R&D), and marketing activities.

NWE Resources is mainly involved in the supply of health foods and personal care products, as well as the repackaging of food and beverage (F&B) items under its own brands and for third parties.

The business was founded in 1979 as North West Enterprise by siblings Tan Tiak Huat, Tan Swee Huat and Tan Tiam Huat, where it operated as a trader of feed meal and molasses — which it has since existed in 2007.

Over the years, the company has diversified into personal care and F&B-related activities. It began supplying personal care products in 1987, before moving into repackaging and manufacturing in 2000 following the acquisition of its first filling machine. In 2004, it expanded into F&B repackaging after purchasing a sugar sachet packing machine.

Under its initial public offering (IPO), NWE Resources plans to issue 143.15 million new shares, equivalent to 26.51% stake, with no offer for sale by existing shareholders.

Proceeds from the IPO will be used to support expansion plans, including the development of new products, enhancement of in-house R&D capabilities, and increased marketing and promotional efforts. The group also intends to invest in new equipment and transportation fleets to support its operations.

Among others, NWE Resources plans to develop six new health food formulations and five new personal care products, with a focus on skincare, using its internal R&D capabilities.

“We intend to participate in more exhibitions in Malaysia and overseas, including in China and the Middle East, particularly to promote the health food and personal care products under our brands as well as our formulation capabilities,” the group said in its prospectus.

NWE Resources does not have a formal dividend policy. The group posted a net profit of RM6.90 million on revenue of RM43.49 million for the financial year ended March 31, 2025.

Post-listing, the company will still be controlled by Agile Plan, the investment vehicle of the Tan siblings, with a 45.02% stake. Meanwhile, TCMBIO International Sdn Bhd, wholly-owned by business development director Teo Eng San, will hold a 24.81% stake.

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

KAF Investment Bank Bhd has been appointed as the principal adviser, sponsor, underwriter and placement agent for the exercise.