MUAR-BASED furniture specialist Ecomate Holdings Bhd, which made a debut on Bursa Malaysia’s ACE Market on Nov 8, 2021, has proposed to transfer its listing to the Main Market.  

The transfer to the Main Market will enhance the group’s prestige and reputation and will accord it greater recognition and acceptance among investors, in particular institutional investors, Ecomate said in a bourse filing.

“In addition, the proposed transfer will also promote the group’s corporate image leading to greater recognition and confidence to clients, subcontractors, business partners, bankers, employees and shareholders,” it said. 

Ecomate noted that its market capitalisation has risen from RM115.5 million at the time of its listing to RM256 million at latest practicable date (LPD).  

The group considers the proposed transfer to be timely and beneficial to the group’s future growth and its ability to raise funds for further expansion. 

“Nevertheless, the proposed transfer will not result in any change in the group’s existing core business and operational model,” it said. 

The group expects the transfer to be completed in the third quarter of 2023.

It said applications to the relevant authorities, including the Securities Commission Malaysia and Bursa Securities, are expected to be made within the next two months.

Shares in Ecomate ended up half a sen or 3.5% at 74 sen on Wednesday (Feb 8). — TMR / pic source: ecomate.com.my