KUALA LUMPUR: ACE Market-listed Ecomate Holdings Bhd is seeking to transfer its listing status to the Main Market of Bursa Malaysia.
“The proposed transfer is expected to enhance the group’s prestige and reputation, and will accord the Ecomate group with greater recognition and acceptance amongst investors, in particular, institutional investors,” Ecomate said in a filing with Bursa Malaysia.
In addition, it said the proposed transfer would also promote the group’s corporate image leading to greater recognition and confidence to clients, sub-contractors, business partners, bankers, employees and shareholders.
“Ecomate was listed with a market capitalisation of RM115.5mil. As at Feb 7, the market capitalisation of the company is approximately RM256mil, reflecting investors’ confidence and acceptance of the group’s business and operational model.
“As such, the board considers the proposed transfer to be timely and beneficial to the group’s future growth and its ability to raise funds for further expansion. Nevertheless, the proposed transfer will not result in any change in the group’s existing core business and operational model,” it said.
M & A Securities Sdn Bhd has been appointed as adviser for the proposed transfer.
The proposed listing transfer is expected to be completed in the third quarter of 2023.