KUALA LUMPUR: SNS Network Technology Bhd
has obtained approval from the Securities Commission (SC) for its transfer to the Main Market of Bursa Malaysia Securities Bhd.
The information and communications technology (ICT) system and solutions provider said it fulfilled the profit test requirements for listing on Main Market of Bursa Securities, by achieving an aggregate net profit of at least RM20mil in the past three years as well as a net profit of at least RM6mil in the most recent financial year.
SNS was listed on the ACE Market of Bursa Securities on Sept 2, 2022.
“The transfer is expected to enhance the group’s profile and reputation, and will accord the SNS Group with greater recognition and acceptance amongst investors, in particular, institutional investors,” managing director Ko Yun Hung said in a statement.
“In addition, the transfer will also promote the group’s corporate image leading to greater recognition and confidence to customers, suppliers, business partners, bankers, employees and shareholders,” he added.
SNSs transfer to the Main Market is subject to further approval from Bursa Malaysia.
Barring any unforeseen circumstances, the transfer to the Main Market would be completed in the third quarter of 2024.
