KUALA LUMPUR (Dec 14): Careplus Group Bhd said on Tuesday (Dec 14) that the Securities Commission Malaysia (SC) has approved of its proposed transfer from Bursa Malaysia's ACE Market to the Main Market.

In a bourse filing, the rubber glove maker, which made its ACE Market debut 11 years ago in Dec 2010, said the SC informed the company of its decision via a letter dated Dec 13.

UOB Kay Hian, on behalf of the board, said the SC had approved the proposed listing transfer under Section 214(1) of the Capital Markets and Services Act 2007 and under the Bumiputera equity requirement for public listed companies.

Careplus proposed the listing transfer in April, when it said the move would enhance its credibility and reputation, and accord the company greater recognition and following among institutional investors.

The group, which produces latex examination gloves, nitrile gloves and surgical gloves, made a pandemic-driven comeback to profitability in 2020, with a net profit of RM122.47 million for the financial year ended Dec 31, 2020 (FY20), after posting two years of losses for FY18 (net loss of RM1.42 million) and FY19 (net loss of RM5.75 million).

Careplus’ shares closed up two sen or 2.3% at 80 sen on Tuesday (Dec 14), giving the group a market capitalisation of RM505.59 million. The stock has dropped 55.5% from RM2 on Jan 4.