PETALING JAYA: Jotech Holdings Bhd is eyeing a transfer of its listing to the main board, possibly by early 2008, said executive chairman Datuk Goh Tian Chuan.
The company was targeting to achieve the required level of profit next year to qualify for the transfer, he said after the company EGM yesterday.
At the EGM, shareholders approved the company's proposed share split and changes to its memorandum and articles of association.
Goh said the share split exercise was “part and parcel” of the company's efforts to increase shareholder participation.
“As a whole, our market capital is small. To expand, we need more shareholders to support our vision. We expect the share split proposal to be completed by mid-December,” he said.
On the outlook for its next financial year, deputy chief executive officer Raymond Fam said the company would continue to grow steadily, going by its previous results.
“In the third quarter (ended Sept 30), our cumulative revenue was already RM178.8mil compared with RM138.3mil last year, so there is a 30% increase,” he said.
Jotech's core businesses are in precision stamping, semiconductor tooling and automation, and electronics.
“We have experienced encouraging growth so far this year (for the nine months ended Sept 30) despite a cumulative loss of (close to) RM400,000 in the corresponding period last year.
“Going forward, our outlook for the fourth quarter is still very positive,'' Farn said, adding that the company had set a good foundation to meet its financial target for next year.
In its third quarter results ended Sept 30 released on Monday, revenue grew 16.3% to RM63.3mil from RM54.4mil a year ago. Net profit climbed 122.6% to RM2mil from RM897,000 before.
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