KUALA LUMPUR (Nov 21): Mestron Holdings Bhd has received the Securities Commission Malaysia (SC)’s approval for the transfer of its shares and warrants from the ACE Market to the Main Market of Bursa Malaysia.

In a statement on Tuesday, Mestron said the transfer would allow the group to expand its investor base to include those who are specifically interested in investing in Main Market companies.

“This is a long-awaited key milestone for Mestron as the transfer will open up new avenues of growth and investment opportunities for Mestron, signalling a promising future for the company and its shareholders,” said Mestron managing director Por Teong Eng.

Por added that the group would continue to focus on the telecommunications sector offerings, particularly the rising demand for their specialty poles amid the roll out of the Jendela initiatives nationwide. The group is also exploring earnings accretive merger and acquisition opportunities.

On Monday, Mestron reported a 6.89% rise in net profit to RM3.57 million for the third quarter ended Sept 30, 2023, helped by lower cost of raw material such as steel plates and pipes, and higher demand for specialty poles. Revenue was up 11.5% to RM41.44 million.

Net profit for the first nine months of FY2023 rose 40.2% to RM9.41 million as revenue increased 29.28% to RM106.14 million.

Mestron shares finished 1.5 sen or 3.53% higher at 44 sen, valuing the group at RM438.24 million.