KUALA LUMPUR: ACE Market-listed health supplements maker Bioalpha Holdings Bhd has proposed to transfer its listing to the Main Market of Bursa Malaysia, saying it has met the requirements for the proposed transfer.

This includes satisfying the profit track record requirements, having a healthy financial position and liquidity, as well as an adequate public shareholding spread, Bioalpha said in a stock exchange filing yesterday.

Bioalpha said it achieved an adjusted consolidated profit after tax (PAT) of RM10.57 million for the financial year ended Dec 31, 2018 (FY18) and an aggregate adjusted consolidated PAT of RM24.4 million between FY16 and FY18.

This has exceeded the profit requirement for a migration to the Main Market, which requires the group to have an aggregate PAT of at least RM20 million for the past three full financial years, it said, and a PAT of at least RM6 million for the most recent one.

Meanwhile, it said it had a positive cash flow from operating activities and no accumulated losses as at FY18, with cash, bank balances and fixed deposits at RM23.12 million, with sufficient working capital for at least 12 months from now. “Accordingly, Bioalpha is in a healthy financial position,” it said.

As at July 31, Bioalpha’s public shareholding spread was at 57.11%, exceeding the minimum requirement of 25%.

Bioalpha managing director William Hon said the time is right for the group to move to the Main Market, saying it would “lift the group to greater heights” as it believes being Main Market-listed would accord Bioalpha greater recognition and acceptance among investors, particularly institutional ones. The move would also better reflect its current scale of operations.

Subject to regulatory approvals, Bioalpha expects the migration to be completed by the fourth quarter of this year. Its shares closed unchanged at 20 sen yesterday, with a market capitalisation of RM172.04 million.