KUALA LUMPUR (Oct 9): Network infrastructure and cybersecurity solutions provider Fortesys Holdings Bhd is seeking a listing on Bursa Malaysia’s ACE Market to expand its product portfolio and grow its technical and sales teams.

It also plans to develop proprietary SaaS+ solutions, expand its Puchong network operations centre, open a Johor sales office and fund working capital with the monies raised.

According to its draft prospectus, Fortesys also intends to expand its product portfolio through new distributorships for artificial intelligence (AI)-enabled computer vision, AI-driven cybersecurity and network infrastructure solutions. 

The additional distributorships to be secured are expected to complement its existing portfolio of 17 brands for which they are the authorised distributors.

It is also developing proprietary technology solutions combining software, hardware and AI, starting with AI-enabled vehicle inspection systems. Test kits have been installed at a potential customer’s premises to assess their feasibility.

Fortesys’ proposed initial public offering (IPO) comprises 179.22 million new shares and an offer for sale of 48 million existing shares. 

Of the new shares, 40 million will be offered to the Malaysian public, 16 million to eligible directors, employees and contributors, and 123.22 million through private placement to selected investors. The 48 million offer-for-sale shares will also be placed with selected investors.

The offer-for-sale proceeds will go to the selling shareholders: managing director Kevin Kuak Li Weng, executive directors Goh Seong Boon and Tim H’ng, product director Loh Leh Hui, business development director James Wong, and T9 Intelligence Sdn Bhd, owned by sales director Tee Yu Jing.

The six shareholders will transfer 480 million shares to Fortecore Ventures within 30 days of the prospectus launch, consolidating their holdings under one entity that will own 60% of Fortesys after listing.

Fortecore Ventures is owned by Kuak, Goh, H’ng, Loh and Wong, each with a 17% stake, while T9 Intelligence holds the remaining 15%.

Fortesys, which has an 18-year track record, reported a net profit of RM6.62 million for the financial year ended Dec 31, 2025 (FY2025), up from RM3.87 million in FY2024. Revenue rose to RM124.07 million from RM116.09 million.

Equipment and software distribution contributed 72.41% of FY2025 revenue, while network infrastructure and cybersecurity systems integration accounted for 21.78%. Value-added services, including maintenance and managed services, contributed the remaining 5.81%.

Malaysia accounted for 98.9% of the group’s FY2025 revenue.

Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.