KUALA LUMPUR (Aug 28): Geographic information system (GIS) solutions provider RedPlanet Bhd (KL:RPLANET) plans to shift its listing from Bursa Malaysia’s LEAP Market to the ACE Market to improve share liquidity and gain access to a larger fundraising platform.
Founded in 2014, RedPlanet offers GIS and information and communication technology solutions, with clients in Malaysia, Australia, India and across Asean. The group has completed over 230 contracts and has an outstanding order book of RM28.99 million. It also operates in the rail safety sector through its subsidiary, AZTI Technology Sdn Bhd, which developed the PIES rail safety system, used in the LRT3 and Kelana Jaya Line.
In a filing with the bourse, RedPlanet said as part of the move, it will:
- Delist from the LEAP Market and relist on the ACE Market by the second quarter of 2026, pending necessary approvals.
- Conduct a public share offering to meet ACE Market’s public spread requirement.
- Carry out a one-for-one bonus issue, doubling its share base from 170.33 million to 340.65 million shares (share capital remains unchanged at RM7.73 million).
- Adopt a new constitution in line with ACE Market rules.
RedPlanet said the transfer reflects its growth and track record since its LEAP Market debut in August 2020, when it raised RM3.59 million through a private placement. Those funds have been fully used for working capital, renovations, research and development, and listing costs.
The company currently falls short of ACE Market rules, with only 17.7% public shareholding from 29 shareholders (versus the required 25% and 200 shareholders). It said it will fulfill the requirement before the transfer.
For the financial year ended June 30, 2024, RedPlanet posted a net profit of RM5.16 million, up from RM4.16 million the previous year. This was on a 40% jump in revenue to RM34.92 million, mainly from AZTI Technology. RedPlanet had shareholders’ funds of RM23.86 million and a gearing ratio of 0.36.
UOB Kay Hian is acting as the principal adviser and sponsor for the listing transfer.