KUALA LUMPUR (June 12): Consumer packaged goods distributor Kim Teck Cheong Consolidated Bhd (KTC) is set to be transferred from the ACE Market to the Main Market of Bursa Malaysia on June 15, 2023.

In an earlier bourse filing on May 31, the group shared that Bursa Malaysia has approved the transfer of KTC’s entire issued share capital to the Main Market under the Consumer Products and Services sector.

KTC’s total issued share capital comes up to RM101.02 million, comprising 681.86 million ordinary shares, according to the group’s filing on Oct 28, 2022.

KTC was listed on the ACE Market in 2015, and booked a revenue and net profit of RM341.2 million and RM2 million respectively for its financial year that ended June 30, 2016 (FY2016).

Its revenue and net profit grew to RM705.8 million and RM22.1 million in FY2022, giving respectable growth rates of 106.9% and 1,005% respectively.

Furthermore, the group recorded positive net cash from operating activities for the past three financial years (FY2020-FY2022) — RM23.3 million (FY2020), RM61.97 million (FY2021) and RM32.21 million (FY2022).

KTC “believes that the proposed transfer is expected to enhance the group's corporate profile, credibility and reputation, and accord KTC greater recognition and following amongst institutional investors,” said the group in the earlier filing.

KTC’s stock short name, stock code and ISIN code remains unchanged.

Meanwhile, KTC’s shares closed one sen or 4.08% higher at 25.5 sen, translating into a market capitalisation of RM170.4 million.