KUALA LUMPUR (Oct 30): Construction outfit Southern Score Builders Bhd (KL:SSB8) is eyeing a transfer to the Main Market.

In a filing on Tuesday, Affin Hwang Investment Bank Bhd, on behalf of Southern Score, said the company is exploring the proposed transfer of its entire issued share capital from the ACE Market to the Main Market.

“To facilitate the proposed transfer, the company intends to incorporate the relevant amendments to the constitution of Southern Score upon completion of the proposed transfer to be in line with the Main Market Listing Requirements of Bursa Securities,” it said.

The company plans to seek the approval of its shareholders at its upcoming annual general meeting, scheduled for Dec 12.

Southern Score, formerly known as G Neptune Bhd, was initially involved in IT services before transforming into a construction company specialising in high-rise residential construction management following a reverse takeover (RTO) exercise by Southern Score Sdn Bhd in November 2022.

Under the Securities Commission's new framework to accelerate the transfer of an ACE Market company to the Main Market, the company must, among others, have a daily market capitalisation of at least RM1 billion for the past six months and meet the profit requirements for companies seeking listing on the Main Market.

Southern Score shares settled half a sen or 0.99% lower at 50 sen on Tuesday, valuing the group at RM1.13 billion. The stock has gained 29 sen year-to-date.

For the full year ended June 31, 2024 (FY2024), Southern Score’s net profit rose 24.26% to RM31.45 million from RM25.31 million a year ago, while revenue surged 74.32% to RM170.72 million from RM97.93 million.