KUALA LUMPUR: Unique Fire Holdings Bhd
has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia, reflecting its performance achieved since its listing on the ACE Market on Aug 5, 2022.
The fire safety and protection company said in a statement that it has met the profit requirements of the Securities Commission Malaysia's Equity Guidelines and demonstrated a healthy financial position with positive net cash flow, sufficient working capital for at least 12 months and no accumulated losses, according to its latest audited balance sheet.
Unique Fire managing director Liew Sen Hoi said the proposed transfer is expected to enhance the group’s visibility and credibility, and provide greater exposure to a wider pool of investors, not only domestic investors, but also foreign funds.
"We are on track with our expansion plans, having utilised about 72 per cent of our total initial public offering (IPO) proceeds. This includes the addition of our two new manufacturing lines which are anticipated to begin operations in the first quarter of 2025 and would significantly improve our operational efficiency, increasing our total production capacity by 220 per cent to well above 210,000 cylinders.
"We have also established our presence in Johor and are currently paving the way for entry into Penang,” he said.
Upon the successful completion of the proposed transfer, Unique Fire would continue to capitalise on new growth opportunities in the fire safety and protection industry, which include the electric vehicle blankets, he added.
The group has reported a cumulative audited profit after tax of about RM29.0 million over the past five financial years, and audited profit after tax of about RM8.1 million in the most recent financial year ended March 30, 2024. - Bernama
