KUALA LUMPUR (June 12): ACE Market-listed Mestron Holdings Bhd is seeking a transfer from the ACE Market to the Main Market of Bursa Malaysia.

In a filing with the exchange on Monday (June 12), the manufacturer of specialty poles said it had met the requirements for the proposed transfer.

The group also proposed an amendment to its constitution to facilitate the implementation of the proposed transfer.

The group’s aggregate adjusted profit after tax (PAT) for the past five financial years ended Dec 31, 2018 to 2022, after adjusting for non-recurring items and items not in the ordinary course of business, was RM27.2 million.

Adjusted PAT attributable to owners of the company was RM8.25 million for FY2022, the most recent financial year.

“The group is in a healthy financial position, with no accumulated losses based on the latest audited consolidated statement of its financial position as at Dec 31, 2022,” said Mestron managing director Por Teong Eng.

According to him, the proposed transfer is expected to enhance the group’s reputation, which will accord the company a greater recognition and acceptance among investors, particularly institutional investors.

Por noted that Mestron was listed at a market capitalisation of RM126.4 million and, as at the latest practicable date, the market capitalisation of the company stood at approximately RM385.1 million.

The proposals are expected to be completed in the fourth quarter of 2023, Por said.

Mestron shares closed 1.2% or half sen higher at 42 sen on Monday, valuing the company at RM409.7 million.