KAB seeks to transfer listing to Main Market

KUALA LUMPUR: Kejuruteraan Asastera Bhd (KAB) is seeking to transfer the listing and quotation of its entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia.

In a filing with Bursa Malaysia today, the electrical and mechanical engineering firm said it has met the requirements for the proposed transfer.

“KAB and its subsidiaries have achieved a consolidated profit after taxation attributable to owners of the company (PATMI) of about RM10.4 mil for the financial year ended Dec 31, 2019 and an aggregate consolidated PATMI of about RM25.8 mil for the past three financial years from 2017,” it added.

It said the company and its subsidiaries have a healthy financial position with current assets and current liabilities at RM115.4 mil and RM57.1 mil respectively, representing a current ratio of 2.02 times, as well as cash and bank balances of RM35.2 mil.

“The board believes that the proposed transfer will enhance the company’s prestige, credibility and reputation and accord it greater recognition from various stakeholders ranging from its customers, suppliers and business partners to financial institutions as well as investors,” it added.

KAB said completion of the proposed transfer is expected to provide the company with a competitive edge when bidding for contracts.

Besides the approvals of the Securities Commission, Bursa Securities and other relevant authorities, the move also needs the approval of KAB’s shareholders at an annual general meeting.

As at March 16, the issued share capital of KAB stood at RM48.3 mil, comprising 922.76 million ordinary shares. – April 13, 2020, Bernama

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