Arizona Tribune - Adnex Group Berhad Signs Underwriting Agreement with Public Investment Bank Berhad Ahead of ACE Market IPO

With more than 20 years of operating history through its principal subsidiary Adnex Interior Solution Sdn. Bhd., Adnex has built a solid reputation in delivering quality interior fit-out services for corporate offices, F&B outlets and sales galleries. The interior fit-out services provided by the Group typically involve the process of actualisation of design of the interior space, serving a diverse clientele ranging from local corporations to multinational companies ("MNCs").

Adnex's upcoming IPO, comprising a public issue of 90.50 million new ordinary shares and an offer for sale of 39.50 million existing shares is detailed as follows:

Public Issue

• Malaysian Public:

  • 25.00 million shares or 5.00% of the enlarged issued share capital will be made available for application by the Malaysian public.

• Eligible Persons:

  • 15.00 million shares or 3.00% of the enlarged issued share capital will be allocated to eligible directors, employees, and other persons who have contributed to the success of the Company and its subsidiaries ("Group").

• Private Placement to Selected Investors:

  • 27.50 million shares or 5.50% of the enlarged issued share capital are reserved for private placement to selected investors.

• Private Placement to Bumiputera Investors:

  • 23.00 million shares or 4.60% of the enlarged issued share capital are reserved for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, Malaysia ("MITI").

Offer for sale

• Offer for sale of 39.50 million existing shares or 7.90% of the enlarged issued share capital by way of private placement to Bumiputera investors approved by MITI.

Based on the Underwriting Agreement, PIVB will underwrite 40.00 million shares, comprising those made available for the Malaysian public and the Company's eligible directors, employees, and persons who have contributed to the success of the Group.

Mr. Kan Wai Chun, Managing Director of Adnex commented, "The signing of this underwriting agreement represents another major step in our journey towards becoming a listed company. 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."

Mr. Lee Yo-Hunn, Chief Executive Officer of PIVB added, "Adnex has demonstrated solid fundamentals and operational expertise in Malaysia's interior fit-out sector, serving a well-diversified base of corporate and institutional clients. With an experienced management team and a proven project portfolio, the Group is poised to capture new growth opportunities within Malaysia's commercial and industrial development landscape. Public Investment Bank is proud to play a key role in supporting Adnex's IPO and its debut on the ACE Market."

Adnex obtained Bursa Securities' approval for its listing on the ACE Market of Bursa Securities on 25 September 2025, marking an important milestone in the Group's corporate evolution. The upcoming listing is expected to strengthen Adnex's capital structure, enhance its operational capacity, and support the delivery of sustainable long-term value to shareholders.

ABOUT ADNEX GROUP BERHAD

Adnex Group Berhad ("Adnex" or the "Group") is an interior fit-out services provider with over 20 years of experience through its principal subsidiary, Adnex Interior Solution Sdn. Bhd., established in 2004. The Group provides comprehensive interior fit-out services, including interior fit-out works and turnkey fit-out services for corporate offices, F&B outlets and sales galleries. Headquartered in Shah Alam, Adnex has built a strong reputation for quality craftsmanship, reliability, and timely execution, serving both local corporations and multinational companies ("MNCs"). The Group continues to strengthen its market presence and is expected to expand into East Malaysia and selected overseas markets, supported by its commitment to innovation, operational excellence, and sustainable growth within Malaysia's evolving built environment sector.

For more information, visit https://adnexinterior.com/.

Issued By: Swan Consultancy Sdn. Bhd. on behalf of Adnex Group Berhad

For more information, please contact:

Jazzmin Wan
Email: [email protected]

Xinyi Ching
Email:[email protected]

SOURCE: Adnex Group Berhad

View the original press release on ACCESS Newswire

A.Anderson--AT