KUALA LUMPUR (July 5): Scheduled waste recycling company Tex Cycle Technology Bhd (KL:TEXCYCL) has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia.
In a bourse filing, the company said it has met the profit requirements, maintains a healthy financial position and satisfies the public shareholding spread under the Securities Commission of Malaysia (SC) and Main Market listing requirements.
It said its aggregate profit after tax exceeded RM20 million over the last three to five financial years, and RM7.93 million in the financial period ended Dec 31, 2023, meeting the profit requirements.
Regarding its financial position, Tex Cycle’s current assets amounted to RM74.24 million, while current liabilities stood at RM7.99 million as of end-December 2023. Its current ratio was 9.30 times, with cash and bank balances of RM18.14 million.
The company also generated positive cash flow from operating activities from FY2019 to FY2023. For FY2023, net cash from operating activities stood at RM8.1 million.
In terms of public shareholding spread, about 55.09% of its total number of issued shares (excluding treasury shares) are held by 1,898 public shareholders, each holding not less than 100 shares, as of July 1.
The proposal is expected to be completed by the first quarter of 2025, subject to approvals from the SC, Bursa Malaysia Securities and the company’s shareholders.
"We are immensely proud of Tex Cycle's upcoming transition to the Main Market of Bursa Malaysia, which marks a significant milestone in our journey. This move not only reflects our solid financial performance and dedication to sustainable practices, but also positions us to enhance shareholder value and attract further investment,” Tex Cycle CEO Gary Dass commented in a statement.
“We believe this strategic step will provide us with a stronger platform to advance our commitment to environmental stewardship and operational excellence,” he added.
Shares of Tex Cycle closed down two sen or 1.54% to RM1.28 on Friday, giving it a market capitalisation of RM327.92 million.