JF Technology Berhad is looking to transfer from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad. According to MD Dato’ Foong Wei Kuong the company had met the criteria for the proposed transfer of its profit track record requirements, having healthy financial position and adequate public shareholding spread.
The company has been riding the chip demand wave and recoded some healthy figures, based on its audited statements the Group’s aggregate profit after tax for the past three financial years amounted to RM26.2 million, with a PATAMI of RM15.2 million for the latest financial year ended 30 June 2021. Meanwhile, the adjusted consolidated PATAMI is approximately RM14.4 million and the aggregate adjusted consolidated PATAMI stood at RM27.1 million.
Accordingly, it has exceeded the profit requirements for the transfer, which requires to have an aggregate after-tax profit of at least RM20 million for the past three full financial years, as well as an after-tax profit of at least RM6 million for the most recent financial year.
In terms of public shareholding spread, the Group has, as at 29 October 2021, a public shareholding spread of approximately 43.43% comprising 18,986 public shareholders holding not less than 100 ordinary shares each, exceeding the minimum requirement of 25% public shareholding in the hands of 1,000 public shareholders.
The Proposed Transfer is subject to approvals from the Securities Commission Malaysia (“SC”), Bursa Securities, and any other relevant authority, if required. The application for the Proposed Transfer to the SC is expected to be made within one month from the date of the Proposed Transfer announcement.
