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BUSINESS

Optimax seeks to transfer listing to Main Market

26/05/2022 09:22 PM

KUALA LUMPUR, May 26 (Bernama) -- Optimax Holdings Bhd has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia Securities and proposed adoption of a new constitution to facilitate the implementation of the transfer.

The private eye specialist service provider said in a statement today it has met the requirements for the transfer as set out in the Equity Guidelines issued by the Securities Commission Malaysia and the Main Market Listing Requirements (MMLR) of Bursa Malaysia Securities. 

Optimax said it has met the profit requirement with an aggregate after-tax profit of at least RM20 million for the past three to five full financial years (FY) and an after-tax profit for the most recent FY of at least RM6 million.

"Optimax has a solid financial position and liquidity with no accumulated losses, current assets and current liabilities of RM33.52 million and RM13.97 million respectively, representing a current ratio of 2.40 times as well as cash and bank balances of RM19.61 million as at Dec 31, 2021.

"The company has also generated positive net cash flow from operating activities of RM19.69 million in FY2021 and has consistently done so since 2017," it said.

Chief executive officer Sandy Tan said the transfer to the Main Market will enhance the company’s credibility, prestige, and reputation, as well as accord it greater recognition and support amongst investors and all stakeholders while reflecting its current scale of operations.

"This in turn is expected to improve the liquidity and marketability of the company’s shares," she said, adding that Optimax has also proposed the adoption of a new constitution to facilitate the implementation of the Main Market transfer and ensure its compliance with the MMLR.

Tan said the transfer will mark another major milestone in the company’s achievement after its listing on the ACE Market on Aug 18, 2020. 

"Subject to all required approvals being obtained, we are hopeful that the Main Market transfer can be completed by the fourth quarter of 2022,” she added.

Based on Optimax’s Record of Depositors as at May 6, 2022 (being the latest practicable date), about 33.70 per cent of the total number of issued shares were held by 3,570 public shareholders holding not less than 100 shares each.

-- BERNAMA

 

 


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