KUALA LUMPUR (Nov 1): Unique Fire Holdings Bhd (KL:UNIQUE), which was listed on the ACE Market in August 2022, on Friday proposed to transfer its listing to the Main Market of Bursa Malaysia, saying it has met the profit requirements for the transfer.

The company made an aggregated consolidated profit after tax (PAT) of RM29.04 million over the past five financial years. It reported a PAT of RM8.13 million for the year ended March 31, 2024 (FY2024), RM2.46 million for FY2023, RM5.64 million for FY2022, RM5.32 million for FY2021 and RM7.48 million for FY2020.

This, it said in a bourse statement, meets the Securities Commission Malaysia’s Equity Guidelines, which requires that a company seeking to transfer its listing from the ACE Market to the Main Market to have an aggregate PAT of at least RM20 million over the past five financial years, with a PAT of at least RM6 million for the most recent year.

The fire extinguisher manufacturer, whose share price has climbed 64% year-to-date, also said it has "demonstrated a healthy financial position with positive net cash flow from operating activities since its listing two years ago, sufficient level of working capital for at least 12 months, and no accumulated losses" based on its latest audited balance sheet.

As at end-March 2024, its current ratio stood at 6.30 times, with current assets at RM70.71 million, and current liabilities at RM11.23 million. It had cash and bank balances of RM14.98 million, with fixed deposits with licensed banks at RM7 million, while borrowings totalled RM9.84 million as at end-March.

“The proposed transfer is expected to enhance the group’s visibility and credibility, and provide greater exposure to a wider pool of investors, not only domestic investors, but also foreign funds,” Unique Fire managing director Liew Sen Hoi said.

The company is on track with its expansion plans after using about 72% of its total initial public offering proceeds, Liew said. “The addition of our two new manufacturing lines which are anticipated to begin operations in the first quarter of 2025 will significantly improve our operational efficiency, increasing our total production capacity by 220% to well above 210,000 cylinders.

“We have also established our presence in Johor and are currently paving the way for entry to Penang. Upon the successful completion of the proposed transfer, Unique Fire will continue to capitalise on new growth opportunities in the fire safety and protection industry, which include electric vehicle blankets,” he said.

Subject to all relevant approvals being obtained, the transfer listing proposal is expected to be completed by the first half of 2025.

Shares of Unique Fire closed unchanged at 36 sen on Friday, valuing the group at RM144 million.