KUALA LUMPUR (April 25): Infoline Tec Group Bhd has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia as it has met the profit requirements for the transfer.

In a bourse filing on Thursday, the company said the transfer will enhance its credibility and reputation, which will in turn enhance the attractiveness and marketability of its shares.

The company, which was listed on July 13, 2022, said it saw an aggregated consolidated profit after tax (PAT) of RM38.26 million over the past three financial years. The company reported a PAT of RM18.35 million for the year ended Dec 31, 2023 (FY2023), RM12.12 million for FY2022 and RM7.8 million for FY2021.

This meets the Securities Commission Malaysia’s requirements for the transfer which mandate an aggregate PAT of at least RM20 million over the past three financial years, with a PAT of at least RM6 million for the most recent year.

Furthermore, Infoline Tec said it is in a healthy financial position with a current ratio of 3.69 times as at Dec 31, 2023. Its current assets stood at RM59.06 million, while its current liabilities stood at RM16 million.

It added that it had cash and cash equivalents totalling RM19.23 million, which will provide it with sufficient working capital for at least 12 months.

On its public shareholding spread, Infoline Tec said 33.9% of the issued share capital is held by 2,286 public shareholders holding not less than 100 shares each, exceeding the requirement of 25%.

Subject to all relevant approvals being obtained, Infoline Tec said the proposal is expected to be completed by the second half of 2024.

Shares of Infoline Tec closed unchanged at 77.5 sen on Thursday, valuing the company at RM281.5 million. The counter has gained 1.97% since the start of the year and 142.2% since its listing on the ACE Market, based on its IPO price of 32 sen.