KUALA LUMPUR (Aug 17): ACE Market-listed Supercomnet Technologies Bhd (Scomnet) has received approval from Bursa Malaysia to transfer its listing to the Main Market.

In a statement on Thursday (Aug 17), the manufacturer of medical devices, cables and fuel tanks said the transfer is expected to take place on Aug 21.

The company will be transferred to the Main Market under the 'Health Care' sector, while its short name 'SCOMNET' and stock code '0001', will remain unchanged.

“In April 1999, Supercomnet became the first company to be listed on the ACE Market. At that time, the group’s market capitalisation was RM144.08 million. Scomnet’s market capitalisation has since risen by more than sevenfold to RM1.06 billion,” the company said.

In a previous filing with Bursa Malaysia, Supercomnet said the transfer signifies the company’s growth, profitability and financial strength as it has met the profit track record requirements for the transfer.

Shares in Supercomnet closed down two sen or 1.46% at 1.35 sen on Thursday, valuing the group at RM1.06 billion.