TEX CYCLE ANNOUNCES TRANSFER TO MAIN MARKET OF BURSA MALAYSIA

Strategic Milestone Expected to Boost Investors Confidence and Market Presence

KUALA LUMPUR, 5 JULY 2024 – Tex Cycle Technology (M) Berhad (“Tex Cycle” or the “Group”), an established waste management and recycling solutions provider, is pleased to announce its proposed transfer from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”). This move signifies a major milestone in the Group’s growth trajectory, reflecting its robust financial performance and commitment to operational excellence.

The proposed transition is driven by Tex Cycle’s consistent financial achievements, meeting the stringent profit requirements set by the Securities Commission Malaysia for such a move. With an aggregate profit after tax exceeding RM20.0 million over the last three to five financial years and RM7.93 million in the most recent fiscal year, Tex Cycle has demonstrated solid financial health and a promising growth outlook.

This strategic upgrade to the Main Market is anticipated to enhance the Group’s prestige and improve marketability of its shares, and attract a broader investor base, including more institutional investors. It also aims to provide greater confidence to customers, suppliers, business partners, and shareholders, further solidifying Tex Cycle’s position as a leader in the waste management and environmental sustainability sector.

Mr. Gary Dass A/L Anthony Francis, Group Chief Executive Officer of Tex Cycle commented, "We are immensely proud of Tex Cycle's upcoming transition to the Main Market of Bursa Malaysia, which marks a significant milestone in our journey. This move not only reflects our solid financial performance and dedication to sustainable practices but also positions us to enhance shareholder value and attract further investment. We believe this strategic step will provide us with a stronger platform to advance our commitment to environmental stewardship and operational excellence."

As at 5:00 P.M., 5 July 2024, the share price of Tex Cycle closed at RM1.28, representing a market capitalisation of RM327.9 million.