KUALA LUMPUR (Jan 12): Infrastructure utilities construction and engineering solutions group MN Holdings Bhd (KL:MNHLDG) has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia.

The proposed transfer reflects the group's strong financial track record, expanding the scale of operations and consistent profitability, MN Holdings said in a statement on Monday.

The exercise is expected to be completed by the second quarter (2Q) of this year, it said.

Its managing director Datuk Clement Toh said the proposed transfer reflects the group’s progress over the past few years, supported by its consistent earnings growth, a strong balance sheet and an expanding project portfolio. “This milestone represents a natural progression that aligns with the group’s current scale and level of maturity”.

“We believe the Main Market platform will further enhance our visibility and credibility among clients, business partners and investors, while supporting our long-term growth objectives as we continue to participate in the infrastructure and energy development of Malaysia,” Toh added.

MN Holdings was listed on the ACE Market in April 2022 with an initial public offering price of 21 sen.

As at Jan 2, MN Holdings had an issued share capital of RM196.86 million.

According to the group, it has met requirements for the proposed transfer as set out in the equity guidelines issued by the Securities Commission Malaysia and the Main Market Listing Requirements of Bursa Securities.

MN Holdings recorded an audited net profit of RM47.75 million for the financial year ended June 30, 2025 (FY2025).  Cumulatively, the group  achieved a net profit of RM74.16 million over the past three financial years, the group’s filing with Bursa Malaysia showed.

As at end-June 2025, MN Holdings’ current assets stood at RM380.63 million against current liabilities of RM194.31 million, translating into a current ratio of 1.96 times. The group’s cash and bank balances, short-term investments and fixed deposits amounted to RM126.38 million.

Loans and borrowings stood at RM9.85 million, resulting in a low gearing level of 0.05 times. The group also reported no accumulated losses as at end-June 2025.

MN Holdings recorded positive net cash flow from operating activities in two of the past three financial years — RM5.32 million in FY2023 and RM64.1 million in FY2025 — although it posted a negative operating cash flow of RM8.16 million in FY2024.

The group also has met the public shareholding spread requirement. About 64.48% of the group's issued share capital, comprising 424.28 million shares is held by 6,778 public shareholders holding not less than 100 shares each.

Shares of MN Holdings closed unchanged at RM1.73 on Monday, valuing the group at RM1.14 billion.