KUALA LUMPUR (July 5): ACE-Market listed GFM Services Bhd is seeking a transfer of its listing to the Main Market of Bursa Malaysia in the second half of this year.

In a filing with Bursa Malaysia today, the integrated facilities management service provider said it has met the historical profit track record and other relevant requirements for the transfer.

"The transfer of listing will enhance our group's credibility, prestige and reputation, and accord us with greater recognition and acceptance among investors, especially the institutional investors," GFM managing director Ruslan Nordin said in a separate statement.

"This will enhance the attractiveness and marketability of GFM," he added.

It currently has a public shareholding spread of 29.9%, comprising 4,699 public shareholders holding not less than 100 shares each — exceeding the minimum requirement of 25% public shareholding in the hands of 1,000 public shareholders.

GFM is also proposing to establish and implement an Employee Share Scheme (ESS) of up to 5% of the issued and paid-up share capital of GFM. The ESS will comprise an Employee Share Option Scheme and an Employee Share Grant Scheme, with an aim to attract, retain, motivate and reward its employees.

The proposed ESS will be in force for five years commencing from the effective date of its implementation.

At 3.33pm, GFM shares were up one sen or 1.45% at 70 sen, with 10.31 million shares done, bringing it a market capitalisation of RM299.67 million. Since it assumed the listing status of asiaEP Resources Bhd on Jan 9 this year, the stock has risen 50.5% from 46.5 sen.