Farm Price Holdings Berhad, a Johor-based wholesaler and distributor of fresh vegetables and F&B products, has announced its intention to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad. This move signifies the company’s growth and readiness for further expansion.
The company has met the necessary requirements for this transfer, as outlined by the Securities Commission Malaysia Equity Guidelines. Farm Price recorded a net profit of RM23.8m over the past three financial years, surpassing the minimum requirement of RM20m. For the financial year ending 2024, the company reported a net profit of RM10.3m, exceeding the RM6m minimum for the latest financial year.
Financially, Farm Price is in a strong position, with current assets of RM51.8m and liabilities of RM12.1m, resulting in a current ratio of 4.27. The company holds cash and cash equivalents of RM29.6m against total borrowings of RM10.9m, reflecting a healthy gearing ratio of 0.18. The company has also maintained positive net cash from operations over the past three years and has no accumulated losses.
Managing Director Lawrence Tiong Lee Chian stated, “The Proposed Transfer represents more than a market shift; it reflects the Group’s progress, operating discipline and readiness for the next phase of growth.” He added that the move is expected to enhance Farm Price’s credibility and broaden its investor base.
Farm Price plans to amend its Constitution to comply with the Main Market Listing Requirements. The company was initially listed on the ACE Market on 14 May 2024, raising RM24.5m. The expansion of its Centralised Distribution Centre in Senai is set to further boost its operational efficiency once commissioned in early 2026.
