KUALA LUMPUR (July 9): CIB Development Bhd is seeking to go public on the ACE Market in what could be Bursa Malaysia’s first ever listing of a video games publisher.

Funds raised from the initial public offering (IPO) will be used for marketing activities and to secure new gaming content, according to its draft prospectus. The company is expanding across Malaysia and Singapore as well as targeted markets of Thailand, Indonesia, Vietnam and the Philippines.

“The digital marketing expenditure comprises user acquisition and promotional activities through paid social media advertising required to support the launch and ongoing operation of the existing and upcoming game titles,” CIB Development said.

Ku Foo Keong, a former Intel engineer, fully acquired the business with his partners in 2005 when it only had its first massively multiplayer online role-playing game (MMORPG) online game title Fairyland Online.

Some of the games under its portfolio now include MMORPGs such as Moxiang, Tian Long Ba Bu and Xin Wu Lin, as well as Mission Against Terror, a first-person shooter game also known as MAT. 

CIB Development is also in talks with several unidentified game licensors and intellectual property owners to secure new titles to be funded with proceeds from the IPO. The company will also use some of the funds raised to finance day-to-day operations.

The proposed IPO also comes with an offer for sale of existing shares by Choice Heritage Sdn Bhd and Free Ocean Games Pte Ltd, the private vehicles of a group of shareholders including Ku.

For the financial year end Dec 31, 2025, CIB Development posted a net profit of RM8.62 million on RM36.57 million revenue. The company is targeting regular dividend payout of up to 30% of profit after tax for each year.

TA Securities is acting as the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO.