MANFORCE EN ROUTE TO LEAP LISTING
Firm launches IPO with indicative price of 18 sen per share
MANFORCE Group Bhd is en route for listing on the Leading Entrepreneur Accelerator Platform (LEAP) Market of Bursa Malaysia.
The company yesterday launched its initial public offering (IPO), which entailed a proposed placement of 47.99 million shares at an indicative price of 18 sen per share.
Manforce managing director Datuk Paul Wong said the listing exercise was to boost its corporate profile, enhance awareness of its businesses and fund future plans.
Post-listing, Wong and other founding members of Manforce will collectively hold 85 per cent in the company, which will have a market capitalisation of RM57.6 million.
Around 87.3 per cent of the proceeds, or RM7.5 million, will be used for working capital and the balance for listing expenses.
“The industry we are in is constantly facing a supply-demand mismatch, where demand is higher than supply.
“This is why we have allocated around RM7.16 million of the proceeds raised to hire and/or manage up to 1,800 additional foreign workers, from our current 3,355 foreign workers,” said Wong.
The group manages 1,709 foreign workers under the foreign workers management services and 1,646 foreign workers are under our employment, he said.
According to Protégé Associates report, the number of local registered foreign workers is estimated to grow at a compound annual growth rate of 1.6 per cent to 1.9 million in 2022.