KUALA LUMPUR (Aug 18): Mobile and web applications developer Agmo Holdings Bhd (KL:AGMO), which has been listed on Bursa Malaysia's ACE Market since August 2022, on Monday proposed to transfer its listing to the Main Market.

Agmo said it has fulfilled the requirements for the transfer, including profit track record, financial position, public shareholding spread and Bumiputera equity requirements, according to the homegrown digital solutions and application development specialist's exchange filing.

The company, which also provides digital platform-based services, made an aggregate consolidated profit after tax (PAT) of RM23.07 million over the past three financial years, from FY2023 till FY2025. For the financial year ended March 31, 2025 (FY2025), the company reported an audited consolidated profit after tax and minority interest of RM8.19 million.

A company seeking to transfer its listing from the ACE Market to the Main Market is required to have an aggregate after-tax profit of at least RM20 million for the past three financial years. A company would also need to have at least RM6 million in PAT for the most recent year.

Agmo said it has also met the “healthy” financial position requirement, with no accumulated losses as at March 31, 2025.

Agmo has been recording positive net cash flow in the past three years, with sufficient working capital for at least 12 months. Net cash generated from operating activities stood at RM5.36 million in FY2025.

On public shareholding spread, the company said the general public holds 60.71% of its listed shares.

The proposed transfer is subject to approvals from the SC, Bursa Securities and its shareholders, which is expected to be completed by the first half of 2026. Kenanga IB is the principal adviser for the proposed transfer.

Agmo’s share price slipped one sen or 1.9% to 51.5 sen, bringing the group a market capitalisation of RM167 million. The stock is down over 23% from a year ago.