Choo Chiang Holdings, quoted on the Catalist since July 2015, plans to transfer its listing to the Mainboard. It has on March 18 made an application to the exchange to do so.
"The board is of the view that a listing on the Mainboard would be in line with the group’s long- term strategy and a listing on the Mainboard would enhance the long-term value for shareholders of the company," reads the company's announcement on March 19.
Choo Chiang, headed by executive chairman Thomas Lim and executive director Rocky Lim, is a leading local distributor and retailer of electrical products and accessories. It operates a network of retail outlets and an in-house logistics capability.
In the last four financial years, Choo Chiang's earnings ranged from $9.02 million in its FY2022 to $11.8 million in FY2024 before easing to $9.52 million in the most recent FY2025.
The company says it has maintained "healthy" gross margins as well, an indication of its resilient core distribution business, plus recurring rental income.
"Given the company’s market position, stage of development and financial stability, the directors are of the view that the proposed listing transfer is timely and appropriate," the company says.
Choo Chiang says that a mainboard listing will raise its public profile and make it more visible to a more diverse investor base, and thereby improve liquidity, broaden the shareholder base and potentially enhance valuation over the medium to long term.
Choo Chiang Holdings shares closed at 44 cents on March 19, down 1.14% for the day but up 11.54% in the past year. At current prices, it has a market cap of more than $90 million.
