PETALING JAYA: Hextar Industries Bhd (HIB) is seeking to transfer the listing and quotation of its entire issued share capital from the Ace Market to Main Market of Bursa Malaysia.

HIB group managing director Benny Ang says the proposed transfer to the Main Market is timely and reflective of the HIB’s current operations and financial performance.

“We hope that being listed on the Main Market will enhance our ability to raise funds for further expansion and enable us to attract institutional investors to participate in our growth,” Ang said in a statement.

HIB currently has 2.75 billion ordinary shares in the issue, and a market capitalisation of RM1.06bil based on the closing price of the group’s shares on Nov 9, 2023.

HIB recorded consolidated revenue of RM251.4mil with a profit after tax of RM21.2mil for the second quarter ended June 30, 2023.

Barring unforeseen circumstances, the proposed transfer is expected to be completed by the first quarter of 2024.