KUALA LUMPUR (Nov 3): The Securities Commission Malaysia (SC) has approved solar engineering firm Pekat Group Bhd’s (KL:PEKAT) proposed transfer of its listing from the ACE Market to the Main Market of Bursa Malaysia.

The capital market regulator granted its approval on Tuesday, the group said in a stock exchange filing. The SC also noted that Pekat had complied with the Bumiputera equity requirement for public-listed companies.

The proposed transfer comes more than five years after Pekat made its debut on the ACE Market in June 2021.

Pekat first announced its plan to transfer to the Main Market in June this year, saying the move would enhance its corporate profile and attract greater interest from investors, particularly institutional investors.

The group had met the financial requirements for the transfer, including a combined net profit of at least RM30 million over three financial years, with at least RM15 million in the latest year.

Pekat recorded a combined net profit of RM80.78 million for the financial year ended Dec 31, 2023 (FY2023) to FY2025, including RM45.05 million in FY2025.

According to its latest filing, the group recorded a revenue of RM609.53 million in FY2025, more than double the RM286.98 million posted in FY2024, driven by stronger contributions from its solar and power distribution equipment businesses.

For the first six months of FY2026, Pekat's net profit rose to RM26.63 million from RM23.08 million a year earlier, while revenue increased to RM343.32 million from RM277.30 million.

Pekat, which is involved in solar power systems, lightning protection and electrical equipment, has a market capitalisation of RM2.06 billion based on its five-day volume-weighted average share price up to Oct 30.

Public Investment Bank Bhd is the principal adviser for the proposed transfer.

Shares of Pekat closed up two sen at RM2.87 on Tuesday, valuing the group at RM2.04 billion.