KUALA LUMPUR (June 13): Packaging solutions provider L&P Global Bhd is seeking a transfer to the Main Market of Bursa Malaysia — six months after debuting on the ACE Market.

In its Bursa filing on Tuesday (June 13), the company said it had fulfilled all the requirements for the proposed transfer.

It has also proposed to amend its constitution in order to facilitate the transfer.

L&P was listed on the ACE Market on January 3 this year with an impressive opening price of 42 sen over its initial public offering price of 30 sen, before closing higher at 53 sen that gave it a premium of 82%.

On Tuesday, the stock closed 1.5 sen or 3.9% higher at 40 sen, valuing the company at RM224 million.

The company recorded an audited consolidated profit after tax (PAT) of approximately RM14.74 million for the most recent financial year ended Dec 31, 2022 (FY2022). It also reported an aggregate combined/consolidated PAT of approximately RM38.92 million for FY2020 to FY2022.

“L&P Global Group is in a healthy financial position with no accumulated losses based on the latest audited consolidated statement of financial position as at December 31, 2022,” said the company.

It added that the transfer will enhance the group’s credibility, prestige and reputation, with greater recognition and acceptance amongst investors.

“This will in turn enhance the attractiveness and marketability of L&P Global shares.”

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