Manforce Receives Bursa Securities' Green Light for IPO on the ACE Market

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KUALA LUMPUR, MY / ACCESS Newswire / January 20, 2026 / Manforce Group Berhad ("Manforce" or the "Group"), a comprehensive provider of foreign workers' management services, manual labour services, and hostel management solutions, is pleased to announce that it has received approval from Bursa Malaysia Securities Berhad ("Bursa Securities") on 19 January 2026 for its proposed listing on the ACE Market of Bursa Securities. This marks a major milestone in the Group's corporate journey as it transitions from the LEAP Market, further enhancing its visibility and growth capacity within Malaysia's expanding workforce management industry.

Manforce, through its operating subsidiaries, provides comprehensive workforce solutions across diverse industries such as manufacturing, construction, and services, including food & beverage ("F&B"), retail, healthcare, property and automotive sectors. The Group also offers hostel management services, together with ancillary solutions such as insurance facilitation, remittance, and one-off recruitment services. For the financial year ended 28 February 2025, the Group manages a total average of approximately 6,761 workers. Such comprehensive range of services, from sourcing of right fit of foreign workers for the job to ongoing management of said workers upon their arrival in Malaysia has been instrumental in streamlining the process and securing suitable foreign workers for its customers.

The Group's Initial Public Offering ("IPO") will involve a total of 99.98 million new ordinary shares, representing approximately 25.0% of the enlarged issued share capital of 399.98 million shares, structured as follows:

Public Issue

Malaysian Public:19.99 million new shares or 5.0% of the enlarged issued share capital will be made available for application by the Malaysian public.

Eligible Persons:10.00 million new shares or 2.5% of the enlarged issued share capital will be allocated to eligible directors, employees, and other persons who have contributed to the success of the Group.

Private Placement to Selected Investors:19.99 million new shares or 5.0% of the enlarged issued share capital are reserved for private placement to selected investors.

Private Placement to Bumiputera Investors:

29.99 million new shares or 7.5% of the enlarged issued share capital are reserved for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry ("MITI").

Offer for sale

Offer for sale of 19.99 million existing shares or 5.0% of the enlarged issued share capital by way of private placement to Bumiputera investors approved by the MITI.

Dato' Wong Boon Ming, Managing Director of Manforce Group Berhad commented, "This approval from Bursa Securities represents an important step forward for Manforce as we strengthen our position as a trusted and compliant workforce management partner in Malaysia. Over the years, we have continuously improved our operational systems, compliance frameworks, and service capabilities to support the country's evolving foreign workforce needs. The ACE Market listing will enable us to support further recruitment and workers' management services, pursue approved workforce quota expansion, and invest in technology-driven solutions to serve clients more efficiently."

Datuk Bill Tan, Managing Director of M & A Equity Holdings Berhad added, "Manforce exemplifies the growth trajectory of a manpower management group transforming from the LEAP Market to the ACE Market. Its robust compliance practices, operational scalability, and recurring income model position it strongly for long-term sustainability. We are honoured to accompany Manforce in this important chapter of its corporate development."

Mr. Kelvin Khoo, Group Chief Executive Officer of Eco Asia Capital Advisory Sdn. Bhd. added, "Manforce's progression to the ACE Market reflects the maturity of its business model and its readiness to operate on a larger institutional platform. The Group has demonstrated strong discipline in governance, scalability in operations, and a clear strategic direction within a structurally growing sector. We believe Manforce is well-positioned to leverage its listing to further enhance market presence, strengthen execution capabilities, and create long-term value for shareholders."

The proceeds from the IPO will primarily be utilised for the expansion of new foreign workers' recruitment quotas, investment in IT systems, working capital, and listing-related expenses. These initiatives are expected to strengthen Manforce's growth capacity, operational efficiency, and service ecosystem in Malaysia's workforce management sector.

M & A Securities Sdn. Bhd. is the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO, while Eco Asia Capital Advisory Sdn. Bhd. serves as the Financial Adviser for the Group.

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ABOUT MANFORCE GROUP BERHAD

Manforce Group Berhad ("Manforce" or the "Group") is a comprehensive workforce management service provider in Malaysia, anchored by a business model that goes beyond the role of a conventional foreign worker agency. Since its inception, the Group have built a reputation as a one-stop partner for both foreign workers seeking meaningful employment and established corporations in need of reliable manpower solutions. The Group remain focused on delivering integrated workforce solutions across manufacturing, services and construction sectors.

For more information, visit https://www.manforce.net/

Issued By: Swan Consultancy Sdn. Bhd. on behalf of Manforce Group Berhad

For more information, please contact:

Jazzmin Wan

Email: [email protected]

Xinyi Ching

Email: [email protected]

SOURCE: Manforce Group Berhad