Enest Group Berhad Signs Underwriting Agreement with M&A Securities for ACE Market IPO

KUALA LUMPUR, MY / ACCESS Newswire / May 19, 2026 / Enest Group Berhad ("Enest" or the "Group"), a high-purity edible bird's nest processor and trader, has entered into an underwriting agreement with M & A Securities Sdn. Bhd. ("M&A Securities") in preparation for its Initial Public Offering ("IPO") in conjunction with its transfer listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities"). (From Left) Mr. Tan Teh Sheng, Executive Director of Enest Group Berhad; Mr. Tan Teh Jie, Managing Director of Enest Group Berhad; Datuk Bill Tan, Executive Director of M & A Securities Sdn Bhd; Mr. Gary Ting, Head of Corporate Finance, M & A Securities Sdn BhdTracing its business roots to 2015, Enest has grown into an established player in the edible bird's nest industry. The Group is principally involved in the processing and sale of raw clean edible bird's nest, trading of bird's nest, and sales of processed bird's nest products serving customers such as distributors, importers, bird's nest processing companies and retailers, with China being its largest market. Beyond its core edible bird's nest operations, Enest also sells processed bird's nest products, including bottled bird's nest and health beverages, while operating a health and personal care retail business under the trade name "Kang Li", with domestic sales supported through its own retail channel and e-commerce platforms.According to the exposed prospectus published on Bursa Securities' website, Enest's IPO comprises a public issue of 116.25 million new ordinary shares and an offer for sale of 15.05 million existing shares.The allocation of IPO shares is structured as follows:Malaysian Public:29.06 million new shares or 5.00% of the Group's enlarged issued share capital are made available to public investors.Pink Form Applications:8.72 million new shares or 1.50% of the enlarged issued share capital will be allocated to eligible directors, key senior management, employees and persons contributing to the success of the Group through Pink Form Applications.Private Placement to Bumiputera Investors:72.66 million new shares or 12.50% of the enlarged issued share capital are reserved for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry ("MITI").Private Placement to Selected Investors:5.81 million new shares or 3.60% of the enlarged issued share capital and 15.05 million existing shares will be placed to selected investors.Under the terms of the underwriting agreement, M&A Securities will underwrite 37.78 million issue shares made available for application by the Malaysian public and under the Pink Form Applications. The remaining 78.47 million issue shares, together with the 15.05 million offer shares, will be placed out via private placement and will not be underwritten.Mr. Tan Teh Jie, Managing Director of Enest Group Berhad said, "The signing of this underwriting agreement marks another important milestone for Enest as we advance our transfer listing to the ACE Market. We are pleased to have M&A Securities alongside us in this process, and we appreciate their confidence in our business model, operational track record and growth prospects."He added, "This IPO will place us in a stronger position to support our working capital requirements, particularly for the procurement of raw bird's nest supplies, while also enhancing our financial flexibility as we continue to grow our presence in the edible bird's nest industry. We believe this will strengthen our ability to serve customers more effectively across our key markets."Datuk Bill Tan, Executive Director of M & A Securities Sdn. Bhd. added, "We are pleased to support Enest Group Berhad in its proposed transfer listing to the ACE Market. The Group has established a meaningful presence in Malaysia's edible bird's nest industry, with proven processing capabilities, export experience and an established position in the China market. We believe Enest is well placed to benefit from the continued growth of the edible bird's nest industry."As outlined in the exposed prospectus, the proceeds raised from the public issue will accrue entirely to Enest and are intended to be utilised mainly for the repayment of bank borrowings, working capital and estimated listing expenses. The working capital portion will be used primarily to support the purchase of raw bird's nest supplies, while the proceeds from the offer for sale will accrue entirely to the selling shareholders.M & A Securities Sdn Bhd is the Adviser, Sponsor, Underwriter, and Placement Agent for this IPO.###ABOUT ENEST GROUP BERHADEnest Group Berhad ("Enest" or the "Group") is a Malaysia-based edible bird's nest ("EBN") company principally involved in the processing and sale of raw clean edible bird's nest ("RCEBN"), the trading of EBN, and the sale of processed bird's nest products. Backed by established processing operations, sourcing capabilities and export experience, the Group serves customers across the EBN value chain, with China remaining its principal market. Enest also operates a health and personal care retail business under the trade name "Kang Li", complementing its broader presence in the health and wellness space. As it continues to grow, the Group aims to strengthen its position in the EBN industry through customer base expansion, product development and enhanced downstream capabilities.For more information, visit https://enest.com.my/Issued By: Swan Consultancy Sdn. Bhd. on behalf of Enest Group BerhadFor more information, please contact:Jazzmin WanEmail: j.wan@swanconsultancy.bizXinyi ChingEmail: x.ching@swanconsultancy.bizSOURCE: Enest Group BerhadView the original press release on ACCESS Newswire

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