Yes Group inks underwriting agreement ahead of ACE Market listing

KUCHING (September 22): Yes Group Management Bhd (Yes Group) has entered into an underwriting agreement with Malacca Securities Sdn Bhd in conjunction with its proposed listing on the ACE Market of Bursa Malaysia Securities Berhad.

Yes Group, which operates the ‘Yes Travel’ brand and specialises in Meetings, Incentives, Conferences and Exhibitions (MICE), said the agreement covers 31.80 million new shares.

The underwriting comprises 26.50 million new shares made available for application by the Malaysian public and 5.30 million new shares allocated under the Pink Form.

The group’s initial public offering (IPO) will comprise 91.87 million new shares and an offer for sale of 45.93 million existing shares, representing a total offering of 137.80 million shares.

Under the public issue, 26.50 million shares, or five per cent of the company’s enlarged issued share capital, will be made available to the Malaysian public, with 2.50 per cent allocated to public investors and another 2.50 per cent to Bumiputera public investors.

A further 5.30 million shares, representing one per cent of the enlarged issued share capital, will be allocated to eligible directors, employees and persons who have contributed to the group through Pink Form allocations.

Another 60.07 million shares, or 11.33 per cent of the enlarged issued share capital, will be reserved for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).

For the offer for sale, 6.18 million shares, or 1.17 per cent of the enlarged issued share capital, will be offered through private placement to Bumiputera investors approved by MITI, while 39.75 million shares, or 7.50 per cent, will be offered through private placement to selected investors.

Yes Group managing director Angela Mak Shau Kwan said the agreement marked continued progress towards the proposed listing.

“The signing of the underwriting agreement reflects our continued progress towards the proposed listing of Yes Group. We are encouraged by the support from Malacca Securities as we move towards becoming a publicly listed company.

“Our focus remains on strengthening our position in corporate incentive travel and MICE solutions, while building the necessary capabilities to support long-term business expansion,” she said.

Malacca Securities managing director Lim Chia Wei said the company had built a business centred on customised incentive travel and event solutions for corporate customers through an end-to-end service model.

“The IPO will provide the Company with greater visibility and financial flexibility as it pursues its business strategies,” Lim said.

Yes Group’s revenue increased 82.4 per cent from RM41.39 million in financial year ended (FYE) 2023 to RM75.47 million in FYE 2025, while profit after tax (PAT) rose 43 per cent from RM5.13 million to RM7.34 million over the same period.

The group said its performance was supported by the outlook for Malaysia’s MICE industry, including corporate demand for incentive travel, air connectivity and government initiatives to strengthen Malaysia as a business events destination.

Malacca Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.