PETALING JAYA: Bioalpha Holdings Bhd has aborted plans for a transfer of listing to the Main Market of Bursa Malaysia Securities Bhd from ACE Market in view of the adverse impact of Covid-19 and movement control order (MCO) on its financial performance for the year ending Dec 31, 2020 (FY20).
“With the current uncertainty surrounding the recovery of the global and local economy due to Covid-19, the performance of the group for FY20 will remain challenging. Hence, the board is of the view that the prevailing economic environment is not the best time for the company to continue with the proposed transfer of listing,“ Bioalpha said in a stock exchange filing today.
In the first quarter ended March 31, 2020, Bioalpha posted a net loss of RM5.50 million compared with a net profit of RM858,000 a year ago. Its revenue fell 47.7% to RM6.53 million from RM12.48 million in the previous year’s corresponding quarter on the back of decline in contribution from both the manufacturing of health supplement products and retail pharmacy segments due to impact from the pandemic.
“The group was considered an operator under the essential industries and was therefore permitted to continue operating during the MCO, albeit with only 50% workforce along with adoption of stringent safety measures to safeguard the wellbeing of employees,“ it said.
In August 2019, Bioalpha announced that it met the requirements for the transfer of its listing status from the ACE Market to the Main Market based on its audited financial statements with an aggregate after-tax profit of at least RM20 million for the past three full financial years and an after-tax profit for the most recent financial year of at least RM6 million.
Bioalpha had achieved an adjusted consolidated profit after taxation (PAT) of RM10.57 million for FY18 and an aggregate adjusted consolidated PAT of RM24.40 million for the past three financial years from the FY16 to FY18.
source https://www.thesundaily.my/business/bioalpha-aborts-transfer-to-main-market-HA2626584
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