KUALA LUMPUR (June 1): Shah Alam-based automated test equipment manufacturer QES Group Bhd on Wednesday (June 1) announced it has proposed a transfer of listing to the Main Market of Bursa Malaysia.
This proposal came after QES and its subsidiaries and associate company were deemed to have met the requirements for the transfer of its listing to the Main Market as set out in the equity guidelines issued by the Securities Commission Malaysia.
In a bourse filing, QES said the proposal entails the transfer of the listing of and quotation for the entire issued share capital of QES from the ACE Market to the Main Market.
As at May 31, being the latest practicable date prior to the date of this announcement, the issued share capital of the company is RM80.77 million comprising 834.14 million ordinary shares.
QES noted it has achieved an audited consolidated profit after taxation attributable to owners of the company (PATMI) of approximately RM18.99 million for the most recent audited financial year ended (FYE) Dec 31, 2021 and an aggregate consolidated PATMI of approximately RM30.95 million for the past three audited FYEs Dec 31 2019, 2020 and 2021,” it said.
Based on the group’s aggregate adjusted PATMI of RM26.59 million for the audited FY2019 to FY2021, QES said it has met the profit requirements under the equity guidelines in respect of the transfer of listing from the ACE Market to the Main Market, which requires achieving an aggregate audited after-tax profit of at least RM20 million for three to five full financial years and an after-tax profit for the most recent financial year of at least RM6 million.
Accordingly, QES said it has also met the healthy financial position requirements of the equity guidelines, which requires a corporation to have sufficient level of working capital for at least 12 months from the date of this announcement, positive cash flow from operating activities over the profit track record period and no accumulated losses based on its latest audited consolidated statement of financial position as at Dec 31, 2021.
This is in addition to QES having met the public shareholding spread requirement of the listing requirements, with approximately 46.98% of the issued share capital of the company is held by 11,615 public shareholders holding not less than 100 QES shares each.
“As at the date of this announcement, the market capitalisation of the company is approximately RM517.17 million having grown significantly from its listing market capitalisation of approximately RM144.08 million, reflecting the group’s current outlook and prospects, size and scale of operations, as well as stakeholders’ confidence and belief in the company,” it added.
QES believes that the proposed transfer is expected to enhance the group’s corporate profile, credibility and reputation, and accord the company greater recognition and following amongst institutional investors.
QES also said the proposed transfer is also expected to enhance the confidence of its business partners, employees and shareholders through its profile as a company listed on the Main Market.
Barring any unforeseen circumstances and subject to all required approvals being obtained, QES expects the proposed transfer to be completed by the end of 2022, with UOB Kay Hian Securities (M) Sdn Bhd being appointed as the adviser to the company on the matter.
QES’ share price settled 4.2% or 2½ sen higher at 62 sen, bringing it a market capitalisation of RM512.86 million.
Source: TheEdge - 2 Jun 2022
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