Ace Market firm GFM set to graduate to Main Market

PETALING JAYA: GFM Services Bhd, an integrated facilities management services provider that was listed on Ace Market in January, is graduating to the Main Market.

The company expects to complete the transfer in the second half of this year.

“We are pleased that we have qualified for the transfer, having satisfied all regulatory requirements less than a year after being listed,” managing director Ruslan Nordin said in a statement.

“The transfer will enhance our credibility, prestige and reputation. It will also accord us with greater recognition and acceptance among investors, particularly institutional investors,” he said.

GFM has also proposed to establish and implement an employee share scheme (ESS) of up to 5% of its issued and paid-up capital.

The ESS shall comprise an employee share option scheme and employee share grant scheme, which aims to attract, retain, motivate and reward valuable employees.

“The proposed ESS shall be in force for five years commencing from the effective date of its implementation, being the date of full compliance with all relevant provisions of the Main Market listing requirements of Bursa Securities,” GFM said.

On January 9, GFM was listed on the ACE Market at an offer price of 38 sen per share, the result of a reverse takeover of AsiaEP Resources Bhd.

The company said it has a public shareholding spread of about 29.9% comprising 4,699 public shareholders holding not less than 100 ordinary shares each, exceeding the minimum requirement of 25% public shareholding in the hands of 1,000 public shareholders.

The transfer will enhance our credibility, prestige and reputation.

Ruslan Nordin