Farm Price proposes transfer from ACE Market to Main Market

SENAI (Feb 6): Farm Price Holdings Bhd has proposed to transfer the listing and quotation of its entire issued share capital and warrants from the ACE Market to the Main Market of Bursa Malaysia.

In a statement, the Johor-based wholesaler and distributor of fresh vegetables, food and beverage products, and other groceries said it has met all requirements for the proposed transfer under the Securities Commission Malaysia’s Equity Guidelines.

In terms of profit requirements, the group recorded an aggregate profit after tax attributable to shareholders of RM23.8 million for the three financial years ended Dec 31, 2022 to 2024, with a net profit of RM10.3 million in financial year 2024.

“This surpasses the minimum requirement of RM20 million in aggregate net profit, as well as a net profit of RM6 million for the latest financial year,” it said.

On financial position strength, as at end-2024, the group recorded current assets of RM51.8 million against current liabilities of RM12.1 million, translating into a current ratio of 4.27 times.

Cash and cash equivalents stood at RM29.6 million, while total borrowings amounted to RM10.9 million, resulting in a gearing ratio of 0.18 times.

The group added that it has generated positive net cash from operating activities over the past three financial years, has no accumulated losses, and has complied with the public shareholding spread and Bumiputera equity requirements for listed companies.

Managing director Dr Lawrence Tiong Lee Chian said the proposed transfer reflects the group’s operational progress and readiness to enter its next growth phase.

“We believe the transfer will enhance Farm Price’s credibility and standing, broaden recognition among a wider pool of investors and reinforce confidence in our long term prospects.

“It is also expected to foster continued trust among our customers, suppliers, business associates and employees as the Group continues to scale its operations.”

Looking ahead, Farm Price expects its outlook to remain positive as it deepens its presence in key markets across Malaysia and Singapore, while enhancing its distribution capabilities.

The expansion of its centralised distribution centre in Senai has been completed with commissioning expected in the first quarter of 2026.

Once operational, the expanded facility is expected to enhance Farm Price’s value added service offerings, increase handling capacity and support greater operational efficiency, it said.

To facilitate the proposed transfer, the group has also proposed amendments to its constitution to ensure compliance with the Main Market Listing Requirements of Bursa Securities.

Farm Price was listed on the ACE Market on May 14, 2024, raising a total of RM24.5 million from its initial public offering.