KUALA LUMPUR (March 24): ACE Market-listed SMRT Holdings Bhd (KL:SMRT), which provides end-to-end IoT solutions to businesses, has proposed a transfer to the Main Market of Bursa Malaysia.

SMRT said in a bourse filing that it has met requirements for the transfer of its entire share base of 457.6 million shares. The group posted an aggregate adjusted net profit of RM68.2 million for the three financial years ended June 30, 2023 to 2025, including RM26.9 million in FY2025.

Under the Securities Commission’s (SC) guidelines, a company seeking a transfer to the Main Market must report a profit after tax (PAT) of at least RM6 million for the most recent financial year and an aggregate PAT of RM20 million over the past three to five full financial years.

The group has also met the public shareholding spread requirement and complied with the Bumiputera equity requirement for public-listed companies.

The move is expected to enhance the company’s credibility, prestige and reputation, while increasing recognition and acceptance among investors, including institutional investors, said SMRT.

The group added that the transfer could also boost the attractiveness and marketability of SMRT shares and strengthen confidence among business partners, employees and shareholders.

The proposed transfer, which is subject to approval from the SC and Bursa Malaysia Securities, is expected to be completed by the third quarter of 2026.

UOB Kay Hian has been appointed as principal adviser for the proposed transfer.

Shares in SMRT ended unchanged at 15 sen on Tuesday, giving it a market capitalisation of RM68.6 million.