PETALING JAYA: Northern Solar Holdings Bhd has announced a proposed transfer from the ACE Market to the Main Market of Bursa Malaysia.
In a filing with Bursa Malaysia, the solar photovoltaic firm said it has met the profit requirements for the proposed transfer prescribed under the Equity Guidelines, having achieved an aggregate after-tax profit of at least RM20mil for the past three full financial years and after-tax profit for the most recent financial year of at least RM6mil.
“The proposed transfer will mark another major milestone for the company subsequent to its listing on the ACE Market of Bursa Malaysia on Feb 6, 2025.
“The proposed transfer signifies the financial strength of the company as it has met the profit track record requirements as well as the financial position and liquidity requirements for a transfer from the ACE Market to the Main Market of Bursa Malaysia.”
The company said the proposed transfer will enhance its credibility, prestige and reputation, and accord the group with greater recognition and acceptance amongst investors, including institutional investors, while reflecting its current scale of operations.
“This will in turn enhance the attractiveness and marketability of the shares.
“Further, the proposed transfer is also expected to enhance the confidence of the group’s customers, suppliers, business associates, employees and shareholders, through its profile as a company listed on the Main Market of Bursa Malaysia.”
