Focus Point seeks transfer of listing from ACE to Main Market

by TMR/  pic TMR File

FOCUS Point Holdings Bhd proposed to transfer its listing from ACE market to Main Market in Bursa Malaysia Securities Bhd following profit fulfilling the profit requirement.

In a filing to the stock exchange the company said as at April 1, 2022, the issued share capital of Focus Point is RM40 million comprising 329.9 million ordinary shares in Focus Point.

The company has achieved an audited consolidated after-tax profit of approximately RM12.9 million for the most recent financial year ended Dec 31, 2021 (FYE21) and an aggregate audited consolidated after-tax profit of approximately RM30.17 million for the past three financial years up to FYE21.

“Focus Point has satisfied the profit requirements for the proposed transfer prescribed under Part II, Paragraph 5.02(a)(i) of the Equity Guidelines,” it said in Bursa today.

According to Bursa, a corporation seeking a transfer to the Main Market of Bursa Securities must have a healthy position, with sufficient level of working capital for at least 12 months from the date of the transfer, positive cashflow from operating activities over the financial years under review and no accumulated losses based on latest audited financial statements.

“Based on the latest audited consolidated statements of financial position of Focus Point as at FY21, Focus Point has net assets of approximately RM75.75 million, current assets and current liabilities of approximately RM118.67 million and RM92.12 million respectively, representing a current ratio of approximately 1.29 times, cash and bank balances of approximately RM43 million an no accumulated losses,” it stated.

Focus point current market capitalisation is RM244.2 million, grown from its listing market capitalisation of approximately RM64.35 million on Aug 23, 2010.

“The proposed transfer will enhance the company’s credibility, prestige and reputation, and accord the company with greater recognition and acceptance among investors, in particular institutional investors, while reflecting the group’s current scale of operations,” the company added.