KUALA LUMPUR: Shares of Wegmans Holdings Bhd rose over 3% in early trade Thursday as the group proposed to transfer its listing on the ACE Market to the Main Market of Bursa Securities by the fourth quarter of 2019.
The home furniture manufacturer rose 3.17%, or one sen to 32.5 sen with 7.5 million shares traded. Wegmans-WA shed 3.57%, or 0.5 sen to 12.5 sen.
Wegmans said that the proposed transfer will enhance its credibility, prestige and reputation, and accord it with greater recognition and acceptance among investors while reflecting its current scale of operations.
In a statement, Wegmans managing director Keh Wee Kiet said the company has met the criteria for the proposed transfer, including meeting the profit track record, public shareholding spread, healthy financial position and liquidity.
"This signifies the financial strength of our group, and we shall continue to build on the solid foundation moving forward," he added.
The company was listed on the ACE Market on March 6, 2018. As at June 3, 2019, the issued share capital of Wegmans is RM51.95mil comprising 500 million ordinary shares. The company has 125 million outstanding warrants.