Manforce Group Secures Approval to List on Malaysia’s ACE Market

Manforce Group Bhd, a Malaysian workforce management company, has received approval to move its listing from Bursa Malaysia’s LEAP Market to the ACE Market. The transfer aims to attract institutional investors, boost liquidity, and support growth in domestic foreign workforce services.

Manforce Moves Up to ACE Market to Boost Liquidity

Manforce’s transition to the ACE Market represents a significant step in its corporate development. Unlike the LEAP Market, which primarily serves smaller or emerging companies, the ACE Market provides greater visibility among institutional investors and allows for larger-scale fundraising. The approval enables Manforce to issue new shares to expand its capital base and broaden its investor pool.

The company plans to offer approximately 100 million new shares, representing about 25% of the enlarged share capital. These shares will be allocated to the public, company employees, and selected institutional and Bumiputera investors. This share issuance is designed to enhance market participation while providing the company with funding to support operations, working capital, and expansion initiatives.

Financially, the move to the ACE Market positions Manforce to tap a deeper pool of investors and may improve the company’s cost of capital. Increased liquidity and investor access could support future growth plans, including hiring additional foreign workers and upgrading technology infrastructure. Analysts note that such listing upgrades often reflect a company’s readiness to meet higher reporting standards and governance expectations, which can strengthen investor confidence.

Market Positioning Strengthened Through ACE Upgrade

Manforce provides services in workforce management, labour supply, and accommodation for foreign workers, catering to sectors such as manufacturing, construction, retail, and healthcare. The ACE Market listing aligns with its strategy to expand these services, particularly in industries where foreign labour demand is strong.

Listing on the ACE Market also enhances the company’s profile among institutional investors and signals compliance with stricter governance and reporting standards. This transition is part of a broader trend in Malaysia, where growth-stage companies move up through listing tiers to gain market credibility and improve access to capital. Furthermore, the inclusion of Bumiputera allocations demonstrates adherence to local policies promoting inclusive shareholder participation.

Manforce’s Path to Broader Market Access

Founded in Malaysia, Manforce has been listed on the LEAP Market since 2018, providing the company with an initial platform to raise capital while operating under lighter regulatory requirements. To move to the ACE Market, Manforce had to demonstrate operational readiness, ensure sufficient public shareholding, and comply with Bursa Malaysia’s governance standards.

The ACE Market offers a higher level of transparency and regulatory oversight, which can attract larger investors and improve marketability. Many companies that transition from the LEAP Market view it as a stepping stone toward eventual Main Market listings, which are associated with even greater visibility and fundraising potential.

Manforce’s ACE Market listing marks a key milestone in its growth trajectory, providing access to a broader investor base, improved liquidity, and stronger capital market positioning. The transition reflects the company’s strategy to scale its workforce management services while meeting higher governance and transparency standards. With the listing now approved, Manforce is positioned to leverage the ACE Market platform to support its expansion and long-term objectives.