Scomnet gets nod to transfer listing to Main Market

Supercomnet Technologies executive director Hsueh, Chih-Yu (left) and executive director Lim Eng Chuan

KUALA LUMPUR: Supercomnet Technologies Bhd (Scomnet) has been given the green light from the Securities Commission (SC) to transfer its shares and warrants from the ACE Market of Bursa Malaysia to the Main Market.

The group said in a filing with the stock exchange that the regulator had approved the proposed transfer under Section 214(1) of the Capital Markets and Services Act 2017 and under the bumiputra equity requirements for public-listed companies.

“Transferring to the Main Market has been a long-awaited key milestone for Scomnet. The transfer will allow the group to reach a wider investor base, including those with a mandate that only allows them to invest in Main Market companies.

“We are grateful for this approval and look forward to attracting larger institutional and private equity investors to grow with us,” said Scomnet executive director Hsueh Chih-Yu in a statement.

Executive director Lim Eng Chuan added that the group managed to exceed the SC’s transfer requirements, including attaining a minimum cumulative net profit of RM20mil over the past three years.

Scomnet delivered an aggregate adjusted profit-after-tax of RM68.1mil over the past three audited financial years ending Dec 31 2019, 2020 and 2021.

In financial year 2022, the group delivered a record net profit of RM32.9mil.

According to Lim, the group is on a strong footing with a highly liquid asset base of RM171.06mil as of March 31, 2023.

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