SNS Gets SC Nod For Main Market Transfer

SNS Network Technology Berhad (SNS) has secured approval from the Securities Commission (SC) for its transfer to the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities).

The approval for the Information and Communications Technology system and solutions provider is in accordance with Section 214(1) of the Capital Markets and Services Act, 2007, and the Bumiputera equity requirement for public-listed companies.

SNS Network which was listed on the ACE Market of Bursa Securities on 2 September 2022, have fulfilled the profit test requirements for listing on Main Market of Bursa Securities, by achieving an aggregate net profit of at least RM20.0 million in the past three years as well as a net profit of at least RM6.0 million in the most recent financial year.

The steady net profit growth enabled SNS Network to declare and distribute consistent dividends to shareholders since 13 December 2022. For FY2023 and FY2024, the Company’s dividend payout ratio represented 9.2% and 37.8% of its net profits.

“The transfer is expected to enhance the Group’s profile and reputation, and will accord the SNS Group with greater recognition and acceptance amongst investors, in particular, institutional investors,” said SNS Managing Director Ko Yun Hung,

“In addition, the transfer will also promote the Group’s corporate image leading to greater recognition and confidence to customers, suppliers, business partners, bankers, employees and shareholders,” he added.

The Company’s transfer to the Main Market is subject to further approval from Bursa Securities. Barring any unforeseen circumstances, the transfer to the Main Market would be completed in Q3 of 2024.

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