KUALA LUMPUR (Dec 7): QES Group Bhd has secured approval from the Securities Commission (SC) for the transfer of its stock's listing from the ACE Market to the Main Market of Bursa Malaysia.

The Shah Alam-based automated test equipment manufacturer said this in a filing with the stock exchange on Wednesday (Dec 7).

QES was listed on the ACE Market in March 2018. The company's 2021 annual report listed WA Capital Sdn Bhd and Liew Soo Keang as among its substantial shareholders with stakes of 26.13% and 22.87% respectively.

For the nine months ended Sept 30, 2022, QES' net profit rose to RM20.96 million from RM14.57 million a year earlier in tandem with higher revenue and better gross profit generated from both the distribution and manufacturing division.

Quarterly revenue increased to RM191.44 million from RM158.59 million on the back of higher sales from both the company's distribution and manufacturing divisions.

Shares of QES have been on an upward trend from 56 sen on Nov 30 to close at 64.5 sen on Wednesday. At this price, the company is valued at RM538.02 million.