Teladan gets nod for Main Market listing transfer

KUALA LUMPUR: Teladan Group Bhd has secured approval from Bursa Malaysia Securities Bhd to transfer the listing and quotation of its entire issued share capital from the ACE Market to the Main Market of Bursa Securities.

In a statement, the Melaka-based property developer said it had met the profit requirements for the transfer as per the Securities Commission Malaysia Equity Guidelines.

The group recorded an aggregate adjusted profit after tax attributable to owners of the Company of RM93.1mil for the past three financial years ending Dec 31, 2020, to 2022, and a net profit of RM32.3mil for FYE2022.

This surpasses the minimum requirement of RM20mil in aggregate net profit, as well as a net profit of RM6mil for the latest financial year.

On balance sheet strength, Teladan recorded current assets and current liabilities of RM215.5mil and RM98.2mil respectively, while cash and cash equivalents stood at RM132.7mil as at FYE2022.

Teladan said it maintained a healthy financial position, meeting the criteria of maintaining ample working capital for 12 months, consistently generating positive cash flow from operating activities over the past three financial years, and has no accumulated losses.

The group also met the public shareholding spread requirements of at least 25%, where its issued share capital held by public shareholders as at mid-April 2023 is at approximately 25.18%.

Commenting on the group's outlook, Teladan managing director Richard Teo Lay Ban said Malaysia's property development market remains promising.

"The government's commitment to promoting homeownership, enhancing housing affordability, and steering economic growth through prioritised mega infrastructure projects is poised to stimulate the property market and uplift market sentiments.

"Our primary focus remains on building quality and sustainable homes that cater to our homebuyers' needs," he said.