SENAI: Farm Price Holdings Bhd, a Johor-based wholesaler and distributor of fresh vegetables, F&B products and groceries, has proposed to transfer its listing from Bursa Malaysia’s ACE Market to the Main Market.
Farm Price has met the requirements for the transfer as set out in the Securities Commission Malaysia Equity Guidelines.
Managing director Dr Lawrence Tiong Lee Chian said the transfer represents more than a market shift; it reflects the group’s progress, operating discipline and readiness for the next phase of growth.
“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,” he said in a statement.
In terms of profit requirements, the group recorded a net profit of RM23.8 million over the three financial years ending December 31 (FY) 2022 to 2024, with a net profit of RM10.3 million in FY24.
This surpasses the minimum requirement of RM20.0 million in aggregate net profit, as well as a net profit of RM6.0 million for the latest financial year.
On financial position strength, Farm Price recorded current assets and current
liabilities of RM51.8 million and RM12.1 million, respectively, representing a current ratio of 4.27 times.
The group has cash and cash equivalents of RM29.6 million, while total borrowings amounted to RM10.9 million as at FY24, resulting in a healthy gearing ratio of 0.18 times.
In addition, the group recorded positive net cash from operating activities for the past three financial years and has no accumulated losses.
The group has also met the public shareholding spread requirement and complied with the Bumiputera equity requirement for public listed companies.
Lawrence said, forging ahead, Farm Price’s outlook remains positive as the group continues to deepen its presence in key markets across Malaysia and Singapore while strengthening its distribution capabilities.
“Notably, the expansion of the 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,” he said.
To facilitate the transfer, the group has also proposed amendments to its constitution to ensure compliance with Bursa Malaysia’s Main Market Listing Requirements.
To recap, Farm Price was listed on the ACE Market of Bursa Malaysia on May 14, 2024 and raised RM24.5 million.
