KUALA LUMPUR (March 3): ACE Market-listed automation equipment solutions and engineering firm SFP Tech Holdings Bhd (KL:SFPTECH) has decided to walk back on its plan to transfer to the Main Market of Bursa Malaysia after falling into the red in its latest financial quarter.

The company made the decision “after due and careful consideration”, according to its bourse filing on Monday.

“This decision was made after taking into consideration the recently announced financial results of the company. As such, the board is of the view it is not the best time for the company to proceed with the proposed transfer,” it said.

SFP Tech sank into the red for the first time since its listing in June 2022. The company booked a RM21.33 million net loss in the fourth quarter ended Dec 31, 2024 (4QFY2024), against a RM7.37 million net profit in the same quarter a year ago.

It was dragged down by the hefty administrative expenses of RM29.8 million, which it said mainly comprised provision for expected credit loss, staff cost and depreciation of non-manufacturing related property, plant and equipment.

“Nonetheless, it is the intention of the company to relook at the proposed transfer in the future,” it added.

Shares in SFP Tech ended two sen or 6.67% lower at 28 sen, valuing the company at RM667.13 million.