KUALA LUMPUR (May 15): SNS Network Technology Bhd (KL:SNS) has secured approval from the Securities Commission Malaysia (SC) for its transfer to the Main Market of Bursa Malaysia.
The information and communications technology (ICT) system and solutions provider said it had fulfilled the profit test requirements for listing on the Main Market, by achieving an aggregate net profit of at least RM20 million for the past three years, as well as a net profit of at least RM6 million for the most recent financial year.
SNS Network was listed on the ACE Market on Sept 2, 2022. The group said the transfer to the Main Market is subject to further approval from Bursa. Barring any unforeseen circumstances, the transfer is expected to be completed by the third quarter.
"The transfer is expected to enhance the group’s profile and reputation, and will accord the SNS group with greater recognition and acceptance among investors, in particular institutional investors," said Ko Yun Hung, SNS Network's managing director, in a statement.
"In addition, the transfer will also promote the group’s corporate image, leading to greater recognition and confidence from customers, suppliers, business partners, bankers, employees and shareholders," he added.
For the financial year ended Jan 31, 2024 (FY2024), the group booked a net profit of RM31.96 million and revenue of RM1.28 billion.
According to Bloomberg, SNS Network is controlled by Ko with a 32.2% stake, followed by Seven One Capital Sdn Bhd with a 26% stake. Other substantial shareholders include executive directors Siow Wei Ming (7.3%) and Pah Wai Onn (6.2%).
Shares in SNS Network were down 3.5 sen or 7.29% to close at 44.5 sen on Wednesday, giving the group a market capitalisation of RM717.69 million.