KUALA LUMPUR (Feb 5): Farm Price Holdings Bhd (KL:FPHB), which debuted on the ACE Market less than two years ago, is now eyeing a transfer to the Main Market of Bursa Malaysia.

In a bourse filing on Thursday, Farm Price said the proposed transfer would enhance its credibility and standing, broaden recognition among a wider pool of investors and reinforce confidence in its long-term prospects.

The Johor-based wholesaler and distributor of fresh vegetables, food and beverage (F&B) products, and other groceries has met the requirements for the transfer.

The group recorded an aggregate net profit of RM23.8 million for the three financial years ended Dec 31, 2022, to 2024, including RM10.3 million in FY2024.

This surpasses the minimum requirement of RM20 million in cumulative net profit and RM6 million in the latest financial year.

The group has also met the public shareholding spread requirement and complied with the Bumiputera equity requirement for public-listed companies.

The transfer, which is subject to approval from the Securities Commission and Bursa Malaysia Securities, is expected to be completed in the first half of 2026.

“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," managing director Lawrence Tiong Lee Chian said.

"We believe the transfer will also foster continued trust among our customers, suppliers, business associates and employees as the group continues to scale its operations.”

Looking ahead, Farm Price said its outlook remains positive as it deepens its presence in key markets across Malaysia and Singapore while strengthening distribution capabilities.

The expansion of its centralised distribution centre in Senai has been completed, with commissioning expected in the first quarter of 2026. “Once operational, the facility is expected to enhance value-added service offerings, increase handling capacity and improve operational efficiency,” it added.

For the nine months ended Sept 30, 2025 (9MFY2025), Farm Price reported a net profit of RM7.22 million on revenue of RM93.32 million, compared with a RM7.16 million profit on revenue of RM91.87 million in 9MFY2024.

At Thursday’s close, shares in Farm Price rose one sen or 2.6% to 40 sen, valuing the company at RM180.5 million. The group debuted on the ACE Market on May 14, 2024 with a market capitalisation of RM108 million.