Adnex eyes East Malaysia expansion after listing

KUALA LUMPUR (Jan 7): Adnex Group Bhd (Adnex), an interior fit-out services provider, has signed an underwriting agreement with Public Investment Bank Bhd (PIVB) in preparation for its initial public offering (IPO) ahead of its listing on the ACE Market of Bursa Malaysia.

The IPO will comprise a public issue of 90.5 million new ordinary shares and an offer for sale of 39.5 million existing shares.

Under the public issue, 25 million shares, or 5 per cent of the enlarged issued share capital, will be made available to the Malaysian public.

A further 15 million shares, or 3 per cent, will be allocated to eligible directors, employees and other contributors to the group’s success.

Another 27.5 million shares, representing 5.5 per cent, are reserved for private placement to selected investors, while 23 million shares, or 4.6 per cent, will be offered via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).

The offer for sale involves 39.5 million existing shares, or 7.9 per cent of the enlarged issued share capital, to be placed privately with MITI-approved Bumiputera investors.

Under the underwriting agreement, PIVB will underwrite 40 million shares allocated to the Malaysian public and to eligible directors, employees and contributors.

Adnex operates through its principal subsidiary, Adnex Interior Solution Sdn Bhd, and has more than 20 years of operating history.

The group has built a track record in providing interior fit-out services for corporate offices, food and beverage outlets and sales galleries, serving clients ranging from local companies to multinational corporations.

Its services typically cover the execution and actualisation of interior design works.

Managing director Kan Wai Chun said the IPO would strengthen Adnex’s financial position and support plans to expand into East Malaysia and selected overseas markets while enabling investment in technology and equipment upgrades.

“Over the past two decades, Adnex has grown into a trusted name in the interior fit-out industry by consistently delivering high-quality workmanship with capability to provide sustainable interior fit-out services, timely completion, and client-focused solutions.

“Our listing will provide the financial foundation to enhance our operational capacity, expand regionally into East Malaysia and selected overseas markets, and invest in technology and equipment upgrades to strengthen our competitive edge,” he said.

PIVB chief executive officer Lee Yo-Hunn said Adnex has demonstrated solid fundamentals and operational capabilities, supported by an experienced management team and a diversified client base.

He added that the group is well positioned to benefit from growth opportunities in Malaysia’s commercial and industrial development sectors.

Adnex received approval from Bursa Securities for its ACE Market listing on Sept 25, 2025.

The listing is expected to strengthen its capital structure, enhance operational capacity and support long-term value creation for shareholders.