KUALA LUMPUR (May 15): Ecoware International Holdings Bhd, which trades furniture parts, is planning to raise funds from the ACE Market for expansion and operations.

The company plans to refurbish existing showrooms and a warehouse in Malaysia as well as set up new ones in Singapore and Indonesia, according to its draft prospectus. Ecoware noted that it was in the midst of identifying suitable premises for the new showrooms and warehouse.

“It is crucial for us to continuously build brand awareness and strengthen brand recognition among the end-user market to drive long-term business growth, as they ultimately influence product selection and purchasing decisions,” the company said.

Headquartered in Johor, Ecoware mainly distributes and sells furniture hardware such as hinges and drawers, their accessories and related tools to carpenters, interior designers, as well as direct to consumers.

More than half of its revenue in the past three financial years came from Malaysia. Singapore accounted for about 40% of its revenue and Indonesia around 4%. For the year ended March 2025, the company reported net profit of RM6.11 million on revenue of RM72.68 million.

The rest of the proceeds from the initial public offering (IPO) have been earmarked for repayment of bank borrowings, sales and marketing expenses, and working capital as well as to cover listing expenses.

The business was founded by Adam Low and Bryan Chew in 2006 to wholesale and retail furniture hardware. Low is now Ecoware’s executive chairman while Chew is an executive director. Both will be cashing out part of their existing stakes under the IPO along with four other shareholders.

Malacca Securities is the proposed IPO’s principal adviser, sponsor, underwriter and placement agent while Eco Asia Capital Advisory is the financial adviser.