PETALING JAYA: Samaiden Group Bhd has secured approval from Bursa Malaysia for the transfer of its stock's listing from the ACE Market to the Main Market of Bursa Malaysia.
The renewable energy (RE) specialist said Bursa Securities had, vide its letter dated March 27 approved the transfer.
The transfer of listing will take effect two market days upon the announcement to Bursa Securities on the transfer date to be announced later, it said.
In relation to the transfer of listing, Samaiden had met the profit requirements under the SC’s Equity Guidelines where it had achieved an aggregate after-tax profit of RM32.59mil over the last four financial years and an after-tax profit of RM11.93mil for the most recent financial year.
“The listing on the Main Market not only reflects Samaiden’s current scale of operations but will also help to improve investor’s recognition and interest in our shares, especially from institutional investors, which in turn will enhance the attractiveness and marketability of our shares.
“It will also enhance our standing and credibility among customers, suppliers, sub-contractors, business associates, bankers and employees that we have worked hard to maintain ever since our listing on the ACE Market on Oct 15, 2020,” group managing director Chow Pui Hee said.