KUALA LUMPUR: Cnergenz Bhd has proposed to transfer the listing of and quotation for its entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia Securities Bhd.

The proposed transfer would signify its growth, profitability and financial strength, it said in a filing with Bursa Malaysia today.

The electronics manufacturer said as at Aug 4, 2023, its issued share capital stood at RM122.47 million, comprising 498 million ordinary shares.

“As at Aug 4, 2023, the market capitalisation of the company is approximately RM371.01 million (having grown significantly from its listing market capitalisation of approximately RM288.84 million in 2022), reflecting the group’s current prospects, the growing size and scale of operations, as well as stakeholders’ confidence and belief in Cnergenz.

Furthermore, the group had achieved an audited consolidated profit after tax (PAT) of approximately RM21.72 million for the most recent financial year ended (FYE) Dec 31, 2022, and an aggregate consolidated PAT of about RM50.85 million for the past three audited FYEs Dec 31, 2020, 2021 and 2022.

Cnergenz said the group is deemed to have met the requirements for the proposed transfer as set out in the Equity Guidelines issued by the Securities Commission Malaysia and the Main Market Listing Requirements of Bursa Securities.

“The board believes that the proposed transfer will enhance the company’s credibility and reputation, better reflect its existing institutional shareholding base and at the same time accord Cnergenz greater recognition and appeal amongst investors,” it said.

Barring any unforeseen circumstances and subject to all required approvals being obtained, the proposed transfer is expected to be completed by the first quarter of 2024.

Cnergenz has been listed on the ACE Market since May 24, 2022. – Bernama