KUALA LUMPUR, MY / ACCESS Newswire / March 17, 2026 / Manforce Group Berhad ("Manforce" or the "Group"), a comprehensive provider of foreign workers' management services, manual labour services, and hostel management solutions, has officially signed an underwriting agreement with M & A Securities Sdn. Bhd. ("M & A Securities") in conjunction with its upcoming Initial Public Offering ("IPO") on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities").

From L-R: Mr. Chin Kok Weng, Finance Director of Manforce Group Berhad; Dato' Wong Boon Ming, Managing Director of Manforce Group Berhad; Datuk Bill Tan, Managing Director of M & A Equity Holdings Berhad; Mr. Danny Wong, Deputy Head of Corporate Finance, M & A Securities Sdn Bhd

Founded in 2005, Manforce has steadily evolved into one of Malaysia's most established names in integrated workforce management. The Group provides end-to-end services encompassing human resources administration, immigration and regulatory processes, accommodation and transportation, payroll management, and medical and insurance coordination for foreign workers. Its clientele spans across key industries such as manufacturing, services and construction sectors, primarily across F&B, retail, consumer goods, healthcare, property and automotive industries, supported by operations across Peninsular Malaysia.

According to the exposed prospectus published on Bursa Securities' website, Manforce's IPO comprises a public issue of 99.98 million new ordinary shares and an offer for sale of 19.99 million existing shares, representing 25.0% of the Group's enlarged issued share capital of 399.98 million shares.

The allocation of shares is 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.

Under the terms of the underwriting agreement, M & A Securities will underwrite 29.99 million shares, comprising those allocated to the Malaysian public and eligible persons under the Pink Form allocation. The remaining shares will be placed to Bumiputera and selected investors via private placements.

Dato' Wong Boon Ming, Managing Director of Manforce Group Berhad, commented, "This underwriting marks a key milestone in our journey towards listing on the ACE Market. Over the years, Manforce has built a resilient business foundation centred on compliance, efficiency, and digital transformation. With the IPO proceeds, we intend to expand our worker management capacity, enhance IT and automation systems, and strengthen our service ecosystem to meet Malaysia's growing workforce demands. This listing will allow us to further scale our operations and reinforce our position as a trusted and responsible workforce management partner."

As outlined in the prospectus, the IPO proceeds will primarily be utilised for business expansion through new worker recruitment quotas, enhancement of IT and operational systems, working capital, and listing expenses. These strategic investments are expected to improve efficiency, scalability, and service innovation across the Group's operations.

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.

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:

Jazmin Wan
Email: j.wan@swanconsultancy.biz

Xinyi Ching
Email: x.ching@swanconsultancy.biz

SOURCE: Manforce Group Berhad