KUALA LUMPUR (Aug 11): After spending over a year listed on Bursa Malaysia’s ACE Market, electronic manufacturing solutions provider Cnergenz Bhd is eyeing a transfer to the Main Market.

The transfer will enhance the company’s credibility and reputation to better reflect its existing institutional shareholding base as well as accord it greater recognition and appeal among investors, said Cnergenz in a bourse filing.

“Further, the proposed transfer is also expected to enhance the confidence of the group’s business partners, employees and shareholders through its profile as a company listed on the Main Market of Bursa Malaysia,” it added.

Cnergenz noted that it is deemed to have met the requirements for the transfer of the listing and quotation of its entire share base of 498 million shares — namely, profit, financial position and public shareholding spread requirements.

The transfer, which is subject to requisite approvals from the Securities Commission and Bursa Malaysia Securities, is expected to be completed by the first quarter of 2024.

Cnergenz listed on the ACE Market back in May 2022 at an initial public offering (IPO) price of 58 sen.

The IPO's promoters and Cnergenz executive directors Lye Yhin Choy and Kong Chia Liang remain the company's substantial shareholders, with Lye holding a 44.52% stake and Kong a 23.36% stake.

On Friday (Aug 11), shares in Cnergenz ended 2.5 sen or 3.38% higher at 76.5 sen, giving the company a market capitalisation of RM393.39 million.