KUALA LUMPUR (July 21): Farm Price Holdings Bhd (KL:FPHB) said it has obtained approval from the Securities Commission Malaysia (SC) for the Johor-based company's proposed transfer to the Main Market of Bursa Malaysia.

"The SC also took note that Farm Price Holdings had complied with the Bumiputera equity requirement for public listed companies of Bursa Securities," the wholesaler and distributor of fresh vegetables, food and beverage products, and other groceries said in a bourse filing on Tuesday.

The company had announced the proposed transfer in February, saying the move would enhance its credibility and standing, broaden recognition among a wider pool of investors, and reinforce confidence in its long-term prospects.

No specific timeline was provided for the completion of the migration in Tuesday's filing, though an approval from the SC is valid for six months.

"Migrating to the Main Market has always been our goal, as it will further enhance our visibility among institutional and retail investors, improve access to capital markets, and strengthen our platform to support expansion across both our core markets in Malaysia and Singapore," said managing director Dr Lawrence Tiong Lee Chian in a separate statement.

Farm Price is the first fresh vegetable distributor listed on the ACE Market, having made its debut in May 2024.

Beyond its core distribution operations, which are supported by its Senai Centralised Distribution Centre in Johor and nine regional distribution centres across Malaysia and a sales office in Singapore, the company expects to commence operations of its expanded Senai facility in the coming months.

According to AskEdge data, shares of Farm Price have dropped 18.6% over the past year, bringing its market capitalisation to RM157.9 million.