KUALA LUMPUR (April 28): Melaka-based property developer Teladan Setia Group Bhd is eyeing a move to the Main Market of Bursa Malaysia, after being listed on the ACE Market for two years.

In a bourse filing, the group said it has satisfied the requirements for the transfer, based on the equity guidelines issued by the Securities Commission Malaysia (SC) and the Main Market Listing Requirements of Bursa Securities.

This includes the requirement of an aggregate profit after tax (PAT) of at least RM20 million for the past three to five full financial years prior to submission to the SC with a PAT of at least RM6 million for the most recent financial year.

For the year ended Dec 31, 2022 (FY2022), Teladan reported a net profit of RM32.3 million, with its current assets standing at RM215.5 million and its current liabilities at RM98.2 million.

“The group’s current ratio of 2.2 times as at Dec 31, 2022 reflects its ability to meet short-term obligations.

“In addition, Teladan has cash and short-term deposits of approximately RM132.7 million as at Dec 31, 2022 and has generated positive cash flow from operating activities during FYE 2020 to 2022,” the group said.

Therefore, the group is confident that its working capital will be sufficient for its existing and foreseeable requirements for a period of 12 months.

“Accordingly, Teladan is in a healthy financial position with no accumulated losses based on its latest audited consolidated statement of financial position as Dec 31, 2022,” it said.

The group said the proposed transfer will not result in any change in the group’s existing core business and operational model.

Teladan's share price settled up one sen or 0.84% at RM1.20 on Friday (April 28), giving the group a market capitalisation of RM970.34 million.