KUALA LUMPUR (Jan 30): Fashion retailer Carlo Rino Group Bhd (KL:CARLORINO) has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia. 

In a filing with the stock exchange on Friday, Carlo Rino said the company has met requirements under the Securities Commission Malaysia (SC)’s equity guidelines, including the profit track record and financial position criteria.

TA Securities Holdings Bhd is acting as principal adviser for the proposed transfer, which is expected to be completed in the second half of this year.

Carlo Rino’s board believes that the proposed transfer will “further enhance the company’s credibility, prestige and reputation”, and accord the company with “greater recognition and acceptance” among investors, including institutional investors.

Meanwhile, the migration would also reflect the group’s current scale of operations. 

“This will in turn enhance the attractiveness and marketability of Carlo Rino shares," the group said, adding that the move would also strengthen confidence among customers, suppliers, business associates, employees and shareholders.

Carlo Rino, formerly known as CRG Incorporated Bhd, was first listed on the LEAP Market in November 2018 before transferring to the ACE Market in December 2024.

As at Jan 19, the group had an issued share capital of RM113.44 million, comprising 977.52 million shares.

In its filing, Carlo Rino said the group recorded an audited consolidated profit after tax of approximately RM15.67 million for its most recent financial year ended June 30, 2025 (FY2025), and an aggregate consolidated profit after tax (PAT) of about RM58.82 million for the past three financial years (FY2023 to FY2025).

Meanwhile, the adjusted consolidated PAT was around RM16.65 million for FY2025, while the aggregate adjusted consolidated PAT was approximately RM58.95 million for the three financial years under review.

As at end-June 2025, Carlo Rino’s current assets totalled RM131.56 million against current liabilities of RM13.97 million, translating into a current ratio of 9.42 times, reflecting its ability to meet short-term obligations.

Cash and bank balances, along with short-term funds, amounted to RM98.24 million. Total borrowings — excluding lease liabilities for its boutiques and head office — stood at RM6.32 million, while retained earnings came in at RM49.52 million.

The group also recorded positive net cash from operating activities over the past three financial years, at RM35.06 million in FY2023, RM22.36 million in FY2024 and RM17.51 million in FY2025.

Carlo Rino said it has met the Main Market’s public shareholding spread requirement, with 25.4% of its issued share capital held by 4,746 public shareholders owning not less than 100 shares each.

It has also complied with the Bumiputera equity requirement upon its ACE Market listing in December 2024, allocating 12.5% of its enlarged issued shares to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, and 2.50% to Bumiputera public investors.

Shares of Carlo Rino closed unchanged at 12.5 sen on Friday, giving it a market capitalisation of RM122.2 million.