KUALA LUMPUR (Aug 14): Facilities management services provider GFM Services Bhd, formerly known as Asiaep Resources Bhd, has proposed to transfer from the ACE Market of Bursa Malaysia to the Main Market.

In a bourse filing on Monday (Aug 14), the group said that it, and all its subsidiaries, have met the requirements for the proposed transfer.

The group shared that it is in a healthy financial position, based on its financial statements as of Dec 31, 2022 (FY2022) with net assets amounting to RM162.86 million, deposits, cash and bank balances at RM101.19 million, and loans and borrowings at RM288.79 million.

Meanwhile, the group had achieved an audited consolidated profit after taxation and minority interests (Patmi) attributable to owners of the company of RM18.29 million for FY2022, whilst the group’s aggregate consolidated Patmi for the past three audited financial years of 2020, 2021 and 2022 equate to RM36.86 million.

As of the latest practicable date (LPD)(Aug 8, 2023), the issued share capital of GFM Services is RM103.12 million comprising 690.46 million ordinary shares.

Pursuant to the listing requirements, GFM Services is required to meet a public shareholding spread of at least 25% of the total number of listed shares, excluding treasury shares, to be in the hands of a minimum number of 1,000 public shareholders holding not less than 100 shares each.

According to the filing, the group said that as of the LPD, approximately 51.9% of the issued share capital is held by 9,818 public shareholders holding not less than 100 shares each.

GFM Services said the proposed transfer signified the growth, profitability and financial strength of the group, it believes that the proposed transfer will enhance the group’s corporate profile, credibility and reputation and accord the company with greater recognition and following amongst institutional investors.

The transfer, which is subject to requisite approvals from the Securities Commission and Bursa Malaysia Securities, is expected to be completed by the second half of the year.

UOB Kay Hian Securities (M) Sdn Bhd has been appointed as the advisor to the company for the proposed transfer.

Shares of GFM Services closed half a sen higher, or 2.70%, to 19 sen, giving the group a market capitalisation of RM131.2 million.