NWE Resources Group Bhd has signed an underwriting agreement with KAF Investment Bank Bhd (KAF IB) for its proposed ACE Market listing, with the investment bank set to underwrite 37.8 million shares under the company’s IPO.
The hospitality amenities, personal care products and health foods provider said its IPO will involve a public issue of 143.15 million new shares, representing 26.5% of its enlarged share capital of 540 million shares upon listing.
Of the new shares, 27 million will be offered to the Malaysian public, while 10.8 million will be allocated to eligible directors, employees and persons who have contributed to the group. The remaining 105.35 million shares will be placed with selected investors.
KAF IB will underwrite the 37.8 million shares allocated to the Malaysian public and eligible persons.
NWE Resources independent chairman Tunku Datuk Seri Zain Al-‘Abidin Tuanku Muhriz said the underwriting agreement brings the group a step closer to the public market, adding that the listing would bring higher standards of governance, transparency and accountability.
Group Managing Director Tan Hong Huat said proceeds from the IPO would be used to accelerate new product development, expand research and development capabilities, enhance manufacturing operations and strengthen market outreach.
The group operates three core businesses covering the B2B supply of hospitality amenities, distribution of personal care products and health foods through its M-Plan multi-level marketing network, and the formulation and supply of health foods to suppliers and brand owners.
NWE Resources said it expects continued tourism activity and hotel occupancy to support recurring demand for its hospitality amenities, while rising health awareness is expected to underpin its consumer business.
The company is scheduled to list on Bursa Malaysia’s ACE Market by the fourth quarter of 2026, with KAF IB acting as principal advisor, sponsor, underwriter and placement agent for the IPO.
