Kandal M Venture Ltd

KMV is a holding company incorporated in the Cayman Islands that conducts its core business operations in Cambodia through its operating subsidiary, FMF. FMF, established on April 5, 2017, under Cambodian law, specializes in manufacturing leather goods. FMF's operations are built on skilled craftsmanship and high-quality manufacturing, which attract business from leading global brands. Customers provide FMF with authorization to produce and export leather goods using their trademarks and frequently visit FMF's production site in Cambodia for inspections and quality checks. PFL, incorporated in Hong Kong on November 3, 2016, serves as the Group's trading company for material procurement and customer invoicing. As part of a corporate reorganization, KMV was incorporated on January 16, 2024, in the Cayman Islands as a holding company. PMV was incorporated on January 29, 2024, in the BVI as a holding company, with KMV as its sole shareholder. On May 29, 2024, PMV acquired all shares of PFL, making PFL wholly-owned by PMV, and FMF indirectly wholly-owned by PMV and KMV. The Company completed its IPO on June 26, 2025, offering 2,000,000 Class A ordinary shares at US$4.00 per share. These shares began trading on the Nasdaq Capital Market on June 25, 2025, under the symbol "FMFC." On July 16, 2025, the Underwriters exercised their over-allotment option for an additional 300,000 Class A ordinary shares at US$4.00 per share, generating US$1.2 million in additional gross proceeds.