MFS wants to go back to Parallel

MFS Holdings Public Company Limited (MFS), which last week was kicked out of the Parallel Market to the Alternative Market because it did not fulfill the CSE minimum market cap criteria, says it wants to return back to the Parallel Market.

The CSE transferred the title of MFS because its market cap was below the minimum CYP 4 mln level, which is required by all Parallel Market titles to maintain. The market cap of MFS has averaged CYP 2.6 mln since the start of the year.

MFS said that it has already completed the increase in its share capital by 12,500,000 shares of CYP 0.40 each of total value CYP 5 mln and it will prepare a prospectus for the listing of those shares on the CSE.

As a result, the Company will have 29,892.901 shares listed on the CSE and will be able to return to the Parallel Market. At the current stage, MFS meets the criteria of the Main Market, the company said in an official CSE announcement such as the preparation and publication of the three-month results and the partial enforcement of the Corporate Governance Code for its transfer to the Main Market.