KUALA LUMPUR (July 2): Plytec Holding Bhd (KL:PLYTEC) has formally applied to transfer its listing to the Main Market from the ACE Market — its home for nearly two years.
The application was submitted to the Securities Commission Malaysia (SC) on June 30, according to the construction engineering services firm's exchange filing on Wednesday.
Subject to all relevant approvals being obtained, the transfer to the Main Market is expected to be completed in the second half of 2025.
Plytec has fulfilled the requirements for the transfer, including profit track record, financial position, public shareholding spread and Bumiputera equity requirements, according to its bourse filing on April 30.
The company made an aggregate consolidated profit after tax of RM35.81 million over the past three financial years between 2022 and 2024. For 2024, the company reported an adjusted profit after tax of RM12.87 million.
The SC’s equity guidelines require a company seeking to transfer its listing from the ACE Market to the Main Market to have uninterrupted profit for three to five full financial years with an aggregate profit after tax of at least RM20 million.
A company would also need to have at least RM6 million in profit after tax for the most recent year.
Plytec said it has a “healthy” financial position with no accumulated losses, with a retained profit of RM88.69 million as at Dec 31, 2024.
Plytec also has positive net cash flow in the past three financial years, and the company has sufficient working capital for at least 12 months. Net cash generated from operating activities stood at RM21.44 million in 2024.
On public shareholding spread, the company noted that the portion of its listed shares held by the general public stood at 33.9%.
Shares of Plytec rose half a sen or 1.89% to 27 sen at 3.30pm on Wednesday. At that price, the company is valued at RM164 million.
So far this year, the stock has declined about 23%. The company also does not have any analyst coverage.