KUALA LUMPUR: Tex Cycle Technology (M) Bhd
has proposed to transfer its listing from the ACE Market of Bursa Malaysia to the Main Market.
In a statement, the waste management and recycling solutions provider said the transfer was driven by Tex Cycle’s consistent financial achievements, meeting the stringent profit requirements set by the Securities Commission Malaysia for such a move.
The company said it had recorded an aggregate profit after tax exceeding RM20mil over the last three to five financial years and RM7.93mil in the most recent fiscal year.
"This move not only reflects our solid financial performance and dedication to sustainable practices but also positions us to enhance shareholder value and attract further investment.
"We believe this strategic step will provide us with a stronger platform to advance our commitment to environmental stewardship and operational excellence," said group CEO Gary Dass Anthony Francis.
He said the strategic upgrade to the Main Market is anticipated to enhance the group’s prestige and improve marketability of its shares, and attract a broader investor base, including more institutional investors.
"It also aims to provide greater confidence to customers, suppliers, business partners, and shareholders, further solidifying Tex Cycle’s position as a leader in the waste management and environmental sustainability sector."
Shares in Tex Cycle ended Friday trading two sen lower at RM1.28 a share, which represents a market capitalisation of RM327.9mil
