KUALA LUMPUR: Petaling Jaya-based Norman Pang Group (NPG) has today announced its plan to go public on the Singapore Exchange (SGX), which it expects by March 2025.
The insurance agency signed a pre-initial public offering (pre-IPO) with Singapore-based Evolve Capital Advisory and MCI Capital for its upcoming listing.
MCI Capital is launching the Asia IPO Fund to fully support and back NPG's pre-IPO on the SGX, with a fund size of up to RM250 million.
Founder and chairman Datuk Seri Norman Pang said the fund represents a significant milestone in the company's journey towards achieving greater financial security and prosperity for its clients, partners and other small and medium enterprises (SMEs).
He said the fund will not only support NPG's listing on SGX but also provide the much-needed capital and resources to other SMEs looking for access to the public markets.
"By enabling these companies to raise funds and expand their businesses, we are contributing to the growth and development of the broader economy and creating opportunities for sustainable growth and prosperity.
"With the support of the Asia IPO Fund, NPG shall drive and participate into private placement for those SMEs companies being supported by this Fund in the SGX," he said at the signing ceremony here today.
Meanwhile, Pang said one of the key focus areas of the Asia IPO Fund is the media and entertainment industry.
He said the company recognises the immense potential of this sector to drive economic growth and cultural development.
It is planning to invest up to RM25 million to support initiatives in this space, including film production and distribution.
"In line with this, I am pleased to announce our official collaboration with the National Film Development Corporation.
"This partnership represents a significant step forward in our efforts to support and promote the Malaysian film scene," he said.
Bolstered by a record-breaking first-year premium collection of RM63.4 million in 2023 and a workforce comprising over 380 registered and contracted agents, NPG has solidified its position as an industry leader since the agency began in 2006 with only six agents.
Pang said NPG is targeting a year-on-year growth of 10 per cent.
NPG is also setting its sights on reaching a first-year premium collection of RM80 million, proof of the company's commitment to expanding its reach and impact in the insurance industry.
"To fuel this growth, NPG plans to recruit 200 new agents and increase its count of Million Dollar Round Table (MDRT) achievers to 80, surpassing its previous record of 66 MDRTs achieved in 2023," he added.
Evolve Capital is the sponsor and issue manager for NPG's listing.