KUALA LUMPUR (Aug 6): Carlo Rino Group Bhd (KL:CARLORINO), an ACE Market-listed fashion retailer, has pulled back on its plan to transfer to the bourse’s Main Market, citing the prevailing operating environment and its strategic priorities.

After due and careful consideration, the company has decided to withdraw its application for the proposed transfer submitted to the Securities Commission Malaysia (SC), it said in a bourse filing on Thursday.

“The company believes it is appropriate to focus on the continued execution of its strategic initiatives and long-term growth plans, and to revisit the proposed transfer at an appropriate time,” it added.

The company submitted the application to the capital market regulator in February, after announcing its now-abandoned plan to transfer to Bursa Malaysia’s Main Market in January.

The move was envisioned to further enhance the company’s credibility, prestige and reputation, and accord the company with greater recognition and acceptance among investors, including institutional investors.

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

Shares of Carlo Rino ended unchanged at 19 sen on Thursday, valuing the company at RM92.9 million.

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