KUALA LUMPUR (July 10): Evergreen Max Cash Capital Bhd (KL:EMCC) plans to transfer its listing to the Main Market from ACE Market.  

The company said in an exchange filing on Friday that it has fulfilled requirements for the transfer, including the profit requirements and healthy financial position. The transfer is expected to be completed by the fourth quarter of 2026.

"The proposed transfer signifies the continued growth, profitability and financial strength of the group," EMCC said, adding that the move will boost its appeal, especially to institutional investors.

Companies seeking a transfer from the ACE Market to the Main Market must record aggregate net profit of at least RM30 million over the past three financial years, including at least RM15 million in the latest financial year.

EMCC had posted an audited net profit after tax of RM36.7 million for the financial year ended Dec 31, 2025 (FY2025), and cumulative earnings of RM72.64 million over FY2023 to FY2025.

The company, which was listed on the ACE Market on Sept 26, 2023, also satisfied the requirement of having at least two full financial years of audited financial results post-listing in FY2024 and FY2025.

As at Dec 31, 2025, the company had retained earnings of RM87.45 million and net assets attributable to shareholders of RM261.66 million. It also reported a current ratio of 2.34 times and cash and bank balances of RM35.79 million.

Although EMCC recorded negative operating cash flow in FY2023 to FY2025, the company said this was due to the accounting treatment of pawn loan disbursements, which are classified as operating cash outflows while the corresponding financing inflows are booked under financing activities.

The company flagged that the negative operating cash flow is structural to the pawnbroking business and is expected to increase in line with expansion and higher loan disbursements. Negative operating cash flow ballooned from RM7.9 million in FY2023 to RM156.68 million in FY2025.

EMCC had RM40.3 million in unutilised credit facilities and sufficient working capital to fund operations for at least 12 months, satisfying the Main Market's healthy financial position requirement.

Further, EMCC met the public shareholding spread requirement, with 43.11% of its shares held by 3,670 public shareholders owning at least 100 shares each.

UOB Kay Hian Securities has been appointed as principal adviser for the exercise.

Shares of EMCC closed up half a sen or 1.5% at 34 sen on Friday, giving it a market capitalisation of RM381.01 million.