KUALA LUMPUR: Mestron Holdings Bhd (MHB) will be transferred to the main market of Bursa Malaysia by the fourth quarter (Q4) of this year.
A filing with Bursa Malaysia today shows that the leading manufacturer of speciality poles has also proposed an amendment to the constitution of MHB to facilitate the implementation of the main market transfer.
"The company is in a healthy financial position with no accumulated losses based on its latest audited consolidated statement of financial position as of December 31, 2022," managing director Por Teong Eng said in a statement.
The filing also shows that MHB has satisfied the above profit requirements as the company's aggregate adjusted net profit attributable to company owners for the past five financial years ended December 31, (FY) 2018 to 2022, after adjusting for non-recurring items and items.
The transfer is expected to enhance the company's prestige and reputation and will accord the MHB greater recognition and acceptance amongst investors, particularly institutional investors.
"The main market transfer would also promote the company's corporate image leading to greater recognition and confidence to clients, sub-contractors, business partners, bankers, employees and shareholders," Por added.
Por noted that MHB was listed at a market capitalisation of RM126.4 million, and, as of the latest practicable date, the company's market capitalisation stands at approximately RM385.1 million.
"As such, the board considers the transfer to be timely and beneficial to the company's future growth and its ability to raise funds for further expansion," Por said.
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