KUALA LUMPUR (April 6): Bursa Malaysia Securities has approved edible bird’s nest processor Enest Group Bhd's (KL:ENEST) proposed withdrawal from the LEAP Market, in connection with its planned transfer to the ACE Market.
In a bourse filing on Monday, the group’s adviser, M&A Securities Sdn Bhd, said the approval is subject to several conditions, including the submission of a confirmation letter to Bursa Securities stating that all existing shareholders' undertakings remain valid until the completion of the transfer.
It must also confirm that the relevant requirements under the LEAP Market listing requirements have been complied with or waived, and that there are no circumstances, including any legal or regulatory actions, that would prevent the withdrawal.
Enest’s transfer to the ACE Market received approval from the Securities Commission on March 20 and is part of the group’s plans to fund its next stage of growth. The group was first listed on the LEAP Market in August 2019.
Trading in the group’s shares on the LEAP Market will be suspended one market day before the allotment of new shares to be issued under the ACE Market listing, according to the filing. The suspension will remain until the completion of the listing exercise.
M&A Securities is the adviser, sponsor, underwriter and placement agent for the proposed exercise.