Manforce Group Berhad is well on its way to being listed on the Leading Entrepreneur Accelerator Platform (LEAP) Market, following a ceremony today to mark the launch of the Information Memorandum for its Initial Public Offering exercise (IPO).
The IPO entails a proposed placement of 47,997,400 ordinary shares at an indicative issue price of RM0.18/placement share.
M&A Securities Sdn Bhd is the Approved Advisor, Placement Agent and Continuing Advisor for this IPO exercise.
“2018 is a significant year for Manforce as we embark on our IPO journey for the listing on the LEAP Market of Bursa Securities.
“The drive for this listing exercise is to strengthen the stature and the corporate profile of our Group, enhance market awareness of our businesses as well as funding our future business plans,” said Manforce Group Berhad managing director, Datuk Paul Wong .
Paul elaborated that post-listing at a market capitalisation of RM57.6 million based on the indicative share price of RM0.18, he and the other founding member of Manforce, Datin Lim will collectively hold 85 per cent in the Company.
Around 87.3 per cent or RM7.5 million of the proceeds raised will be utilised for working capital and the balance for estimated listing expenses.
“The industry we are in is constantly facing a supply-demand mismatch, where the demand is greater than the existing 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, in which the Group manages a total of 1,709 foreign workers under the foreign workers management services and 1,646 foreign workers under our employment,” added Paul.
Contrary to an ordinary agent in the market that merely arranges the placement of foreign workers, Manforce is a comprehensive or a “one-stop” solutions provider in the provision of foreign workers.
“At Manforce, we make effort to understand the requirements of our customers and we communicate the requirements with our selected foreign partners to enable them to match the job vacancies with suitable candidates.
“We continually emphasise on the job matching between the customers and foreign workers. By doing so, we can potentially reduce the bad experiences that employers had with foreign workers, and thus reduce the negative impressions that the public has on them,” said Paul.
According to an independent market research report (IMR) prepared by Protégé Associates, the number of registered foreign workers in Malaysia is estimated to grow at a compounded annual growth rate of 1.6 per cent from 1.8 million in 2017 to reach 1.9 million in 2022.
“The increase in the number of foreign workers would require our services in the areas of human resources, administration and immigration related functions, which we have a strong track record,” Paul added.