Mestron gets nod to transfer listing to Main Market

KUALA LUMPUR: Mestron Holdings Bhd (MHB) has received approval from the Securities Commission Malaysia (SC) for the transfer of its shares and warrants from the ACE Market to the Main Market of Bursa Malaysia Securities Bhd.

In a statement today, MHB said the approval, granted via a letter dated Nov 20, 2023, allows them to expand their investor base to include those who are specifically interested in investing in Main Market companies.

Managing director Por Teong Eng said the transfer will open up new avenues of growth and investment opportunities for MHB, signalling a promising future for the company and its shareholders.

"While the company will continue to focus on the telecom sector offerings, particularly the rising demand for their specialty poles amid the rollout of the Jalinan Digital Negara (Jendela) initiatives nationwide, the group is also exploring earnings accretive merger and acquisition opportunities,” he said.

MHB was listed on the ACE Market on June 18, 2019, and as of Nov 20 this year, the company’s market capitalisation stood at RM423 million, based on the issued share capital of around 996 million and the closing price of 42.5 sen.

"The company's net profit for the first nine months of FY2023 (9MFY2023) jumped 40.2 per cent from RM6.72 million to RM9.41 million in the corresponding period a year ago, and witnessed a 29.28 per cent revenue growth to RM106.14 million in 9MFY2023 from RM82.10 million in the same period last year," it added. - Bernama

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