KUALA LUMPUR (May 17): NationGate Holdings Bhd (KL:NATGATE) has secured approval from the Securities Commission Malaysia (SC) for its transfer to the Main Market of Bursa Malaysia.
In a filing to the bourse on Friday, NationGate said the approval was granted under an "accelerated transfer process".
The electronics manufacturing services provider was first listed on the ACE Market over a year ago in January 2023.
The group previously said that the proposed transfer is expected to be completed in the first half of 2024.
As of May 17, 2024, NationGate has an issued share capital of RM304.54 million, comprising 2.07 billion shares, as shown in its bourse filing.
As at May 3, 2024, approximately 32.88% of the share capital of the company is held by 4,819 public shareholders holding not less than 100 shares each.
NationGate is controlled by its managing director Ooi Eng Leong with a 57.9% stake, followed by Tan Ah Geok with a 7.15% stake. Citigroup Inc, CIMB Group Holdings Bhd (KL:CIMB), and Norwegian bank Norges Bank each hold 3.68%, 3.42% and 2.89% stake respectively in the company.
For the financial year 2023, the group's net profit declined to RM60.81 million from RM85.26 million in the previous year, amid lower revenue of RM638.3 million, down from RM945.75 million.
Still, the financial position met SC’s requirements, which mandates an aggregate profit after tax (PAT) of at least RM20 million over the past three to five full financial years, with a PAT of at least RM6 million for the most recent financial year.
At Friday's market close, shares in NationGate settled one sen or 0.55% higher at RM1.82 — over four-fold its initial public offering price of 38 sen — resulting in a market capitalisation of RM3.77 billion.