KUALA LUMPUR: Software program firm Opensys (M) Bhd has proposed to switch its itemizing from the ACE Market to the Principal Market of Bursa Malaysia by the third quarter (Q3) of 2022.
In a submitting with Bursa Malaysia, OpenSys mentioned the proposal signifies the expansion, profitability and monetary energy of the group because it has met the revenue monitor document necessities for a switch to the Principal Market.
As at Jan 31, 2022, being the most recent practicable date, the issued share capital of the group was RM29.79mil comprising 446.84 million strange shares.
“OpenSys and its subsidiaries have met the necessities for the proposed itemizing switch as set out within the fairness pointers issued by the Securities Fee,” it mentioned, Bernama reported.
OpenSys mentioned its market capitalization is about RM169.80mil – having grown from its itemizing market capitalization of some RM53.23mil.
This mirrored its present outlook and prospects, dimension and scale of operations in addition to stakeholders’ confidence and perception within the group, it mentioned.
“The board believes that the proposed itemizing switch will improve the group’s credibility and popularity and accord the group with better recognition amongst institutional traders,” it added.
OpenSys has achieved an audited consolidated revenue after taxation attributable to the house owners of the corporate (Patmi) of about RM11.08mil for the monetary yr ended Dec 31, 2020 (FY20) and an mixture consolidated Patmi of some RM32.34mil for FY18, FY19 and FY20.
On the shut of Bursa Malaysia yesterday, OpenSys share value eased one sen to 36 sen with 357,400 shares traded.