KUALA LUMPUR: Insurance agency Norman Pang Group (NPG) aims to be listed on the Singapore Exchange (SGX) in March 2025, and the group has signed a pre-initial public offering (pre-IPO) agreement with Singapore-based investment bank Evolve Capital Advisory and Malaysia-based private equity firm MCI Capital.
NPG founder and chairman Datuk Seri Norman Pang said MCI Capital is also 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, but also to pave the way for other small and medium enterprises (SMEs) across various sectors to eventually list on SGX
He 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 SMEs.
"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,” he said in his speech at the signing ceremony here today.
Pang said one of the key focus areas of the Asia IPO Fund is the media and entertainment industry.
"We recognise the immense potential of this sector to drive economic growth and cultural development, and we are 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, which represents a significant step forward in our efforts to support and promote the Malaysian film scene,” he said.
In 2023, NPG achieved a significant milestone by emerging as the highest first-year premium collector in Malaysia with RM63.4 million.
"This accomplishment stands as a testament to the dedication and hard work of our team, which today comprises more than 380 registered and contracted agents.
"Along the way, we are targeting a year-on-year growth of 10 per cent and aiming on reaching a first-year premium collection of RM80 million,” he added.
Pang said 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.
Evolve Capital is the sponsor and issue manager for NPG’s listing. - Bernama
