Samaiden gets Bursa approval for main market transfer

KUALA LUMPUR (March 27): Samaiden Group Bhd has received Bursa Malaysia Securities Bhd’s nod for the transfer of its listing from the ACE Market to the Main Market.

In a filing with Bursa Malaysia on Monday (March 27), the renewable energy (RE) company involved in solar photovoltaic (PV) systems and power plants said Bursa had approved the transfer under the “Industrial Products and Services” sector.

The transfer will take effect two market days upon the announcement to Bursa Securities on the transfer date to be announced later.

In relation to the transfer, Samaiden had met the profit requirements under the Securities Commission Malaysia’s Equity Guidelines, where it achieved an aggregate after-tax profit of RM32.59 million over the last four financial years and an after-tax profit of RM11.93 million for the most recent financial year.

“We will continue to leverage our RE expertise in PV systems and power plants to seek more projects, as businesses and other organisations move towards more sustainable operations.

“We are also encouraged by government initiatives that serve as a catalyst for the RE industry’s development in Malaysia, and which enable us to participate as an investor,” said Samaiden group managing director Chow Pui Hee.

She added that the transfer to the Main Market not only reflects Samaiden’s current scale of operations, but will also help to improve investors’ recognition and interest in its shares, especially from institutional investors, which in turn will enhance the attractiveness and marketability of the shares.

“It will also enhance our standing and credibility among customers, suppliers, subcontractors, business associates, bankers and employees that we have worked hard to maintain ever since our listing on the ACE Market on Oct 15, 2020,” she said.

Shares in Samaiden closed half sen or 0.54% higher at 92.5 sen on Monday, giving the company a market capitalisation of RM356.13 million. Its initial public offering price was 48 sen a share.

source: https://www.theedgemarkets.com/node/660950