KUALA LUMPUR (Oct 16): Infoline Tec Group Bhd (KL:INFOTEC) and Pappajack Bhd (KL:PPJACK) have received approval from the Securities Commission Malaysia (SC) to transfer their listings from the ACE Market to the Main Market of Bursa Malaysia.
The SC granted the approvals through a letter dated Oct 15, which both companies received on Oct 16, according to their separate filings on Wednesday. The approvals were issued under Section 214(1) of the Capital Markets and Services Act 2007, in addition to fulfilling the Bumiputera equity requirement for public-listed companies.
Infoline Tec, an IT infrastructure and cybersecurity service provider that was listed on the ACE Market on July 13, 2022, has recorded an aggregated consolidated profit after tax (PAT) of RM38.26 million over the past three financial years.
This meets the SC’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.
Infoline Tec chalked up 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.
The company also meets the public shareholding spread requirement, with 38.58% of its issued share capital held by 1,708 public shareholders, exceeding the minimum threshold of 25%.
On its financial position, Infoline Tec's current ratio stood at 3.69 times as of Dec 31, 2023. It had current assets of RM59.06 million and current liabilities of RM16 million, while its cash and cash equivalents totalled RM19.23 million.
Shares in Infoline Tec closed unchanged at 88.5 sen on Wednesday, valuing the company at RM319.65 million. The stock has gained 19.59% year-to-date and surged 176.56% since its listing, based on an initial public offering (IPO) price of 32 sen.
Likewise, the pawnbroker Pappajack, listed on April 1, 2022, meets the SC's criteria for the Main Market transfer after posting an adjusted PAT of RM18.63 million for FY2023 and an aggregate PAT of RM35.11 million for the last three financial years.
As of the end of December 2023, Pappajack's current assets stood at RM272 million, with current liabilities amounting to RM34.44 million. The group is in a net cash position of RM11.25 million, as cash and bank balances amounted to RM49.78 million and borrowings totalled RM38.53 million.
On its public shareholding spread, Pappajack said 38.32% of its total number of issued shares was held by 1,420 public shareholders, holding not less than 100 shares each.
Shares in Pappajack settled three sen or 3.09% higher at RM1 on Wednesday, giving the company a market capitalisation of RM764.28 million. Year-to-date, the stock has declined by 5.66% but gained 233.33% based on its IPO price of 30 sen.