KUALA LUMPUR (Jan 26): Bursa Malaysia has approved the transfer of L&P Global Bhd’s listing status from the ACE Market to the Main Market, under the “Industrial Products & Services” sector.

"The transfer will take effect immediately two market days upon the announcement to Bursa Securities on the transfer date via Bursa LINK," said the packaging solutions provider in a filing on Friday.

L&P Global made an application for the transfer to the Main Market in June 2023, six months after debuting on the ACE Market, saying it had fulfilled all the requirements for the proposed transfer.

It also proposed to amend its constitution in order to facilitate the transfer.

L&P Global was listed on the ACE Market on Jan 3 last year with an impressive opening price of 42 sen over its initial public offering price of 30 sen, before closing higher at 53 sen that gave it a premium of 82%.

On Friday, the stock closed unchanged at 41.5 sen, valuing the company at RM229.63 million. Over the past one year, the counter has declined by 20 sen, or 31.97%.

Most recently, L&P Global made a net profit of RM6.39 million, up 37.6% year-on-year, on the back of revenue of RM45.6 million, up 8.6% year-on-year, in its third quarter ended Sept 30, 2023 (3QFY2023).

For the nine months ended Sept 30, 2023 (9MFY2023), its net profit came in at RM15.7 million or 2.8 sen per share, on the back of revenue of RM123.12 million.

At its last close of 41.5 sen, L&P Global is valued at RM232.4 million.