KUALA LUMPUR (May 21): SL Innovation Capital Bhd (KL:SLIC) announced on Tuesday that it has appointed KAF Investment Bank Bhd (KAF IB) as the principal adviser and sponsor for its listing transfer to the ACE Market from the LEAP Market.

KAF IB will replace SJ Securities, which resigned as the principal adviser and sponsor for the proposed listing transfer. SJ Securities' services are set to cease on May 23, according to SL Innovation's bourse filing.

On May 14, SL Innovation said SJ Securities intended to terminate its services as the principal adviser and sponsor for the proposed listing transfer, citing “inadequate resources” to continue in the role.

The proposed listing transfer to the ACE Market was announced in June last year.

SL Innovation is primarily involved in providing information technology infrastructure solutions and enterprise software.

The group was listed on the LEAP Market on May 21, 2018, with an initial public offering price of 18 sen.

SL Innovation shares last traded at 67 sen, giving the group a market capitalisation of RM85 million.