KUALA LUMPUR (Sept 4): Comintel Corp Bhd will be uplifted from its PN17 classification effective Tuesday after its regularised financials no longer meet PN17-related criteria, according to its filing on Monday.

“After due consideration of all facts and circumstances of the matter, Bursa Securities has decided to approve the company's application for an upliftment from being classified as a PN17 company,” it said.

Comintel is an investment holding company, with the synergistic group of information technology, telecommunications, manufacturing and research and development companies focusing on providing niche solutions under its subsidiaries.

The company triggered the PN17 criteria on March 28, 2019 after its shareholders' equity fell below RM24 million or less than 25% of its issued capital.

For the first quarter ended April 30, 2023 (1QFY2023), the company posted an 89% increase in net profit to RM5.73 million from RM3.04 million. Revenue more than doubled to RM59.55 million from RM27.37 million mainly due to the commencement of new projects in the construction segment contributed by its wholly-owned subsidiary Binastra Builders Sdn Bhd (formerly known as Total Package Work Sdn Bhd).

Last week, the company secured a RM161.28 million contract from Exsim Jalil Link Sdn Bhd to undertake the construction of two building blocks for a data centre project in Bukit Jalil.

Comintel’s share price hit a record high of RM1.26 on Monday. At closing, Comintel pared its gains at RM1.17 — up two sen or 1.74% — giving the company a market capitalisation of RM447.52 million.

The counter has gained over 39% since the beginning of this year.

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