KUALA LUMPUR: Focus Point Holdings Bhd has proposed to transfer its listing to the Main Market of Bursa Malaysia from ACE Market.

       In a filing with Bursa Malaysia, the optical retailer said it met the requirements for the proposed transfer as set out in the equity guidelines issued by the Securities Commission and the Main Market listing requirements of Bursa Securities.

       The requirements include historical profit performance, healthy financial position, and public shareholding spread. A corporation must have an uninterrupted profit of three to five full financial years based on audited financial statements, with an aggregate after-tax profit of at least RM20mil and an after-tax profit of at least RM6mil for the most recent financial year.

       However, a corporation seeking a transfer to the Main Market of Bursa Securities is not required to comply with the 'uninterrupted' profit requirements.

       Focus Point has achieved an audited consolidated after-tax profit of approximately RM12.9mil for the most recent financial year ended Dec 31, 2021 (FY21), and an aggregate audited consolidated after-tax profit of approximately RM30.17mil for the past three financial years up to FY21.

       As at Dec 31, 2021, Focus point said its net assets stood at RM75.75mil, current assets and current liabilities of approximately RM118.67mil and RM92.12 mile respectively, representing a current ratio of approximately 1.29 times, cash and bank balances of RM43mil and no accumulated losses.

       Focus Point has also met the public shareholding spread requirement of at least 25% of its total number of listed shares, with approximately 30.13% of its issued share capital held by 1,738 public shareholders holding no less than 100 shares each.

       Based on the Record of Depositors of Focus Point as at April 1, approximately 30.13% of the issued share capital of the company is held by 1,738 public shareholders holding not less than 100 Focus Point shares each.

       Focus Point expects to submit its application to the relevant authorities within three months' time and to complete the transfer by the fourth quarter of 2022.

       It said the proposed transfer would mark another major milestone for the company subsequent to its listing on the ACE Market of Bursa Securities on Aug 23, 2010.

       “The proposed transfer signifies the financial strength of the group as it has satisfied the profit track record requirements as well as the financial position and liquidity requirements for a transfer to the Main Market of Bursa Securities,” it said.

       The market capitalisation of the company as at April 1 is RM244.2mil, grown from its listing market capitalisation of RM64.35mil.

       “The board believes that the proposed transfer will enhance the company's credibility, prestige and reputation, and accord the company with greater recognition and acceptance amongst investors, in particular institutional investors, while reflecting the group's current scale of operations. This will in turn enhance the attractiveness and

       marketability of Focus Point shares.

       “In addition, the proposed transfer is envisaged to enhance the confidence of the group's customers, suppliers, business associates, employees and shareholders through its profile as a company listed on the Main Market of Bursa Securities,” Focus Point said.