KUALA LUMPUR (Dec 3): ACE Market-listed JF Technology Bhd is considering to transfer its listing to the Main Market of Bursa Malaysia in 2021.

"All in all, we are excited by what is ahead of us. With our in-depth technical expertise and established track record, we are confident about the execution of our plan," said its managing director Datuk Foong Wei Kuong in a statement released today in conjunction with the group's 14th annual general meeting.

Furthermore, the group also announced that shareholders had approved the proposed bonus issue of shares with free warrants, on the basis of three bonus shares together with two free warrants for every existing ordinary share held.

The entitlement date for the bonus issue of shares with free warrants will be announced at a later date and is expected to be completed in the first quarter of 2021.

JF Technology manufactures and trades high-performance test contacting solutions for global integrated circuit makers.

It posted a net profit of RM3.1 million in the fourth quarter ended June 30, 2020 (4QFY20), while its revenue stood at RM8.1 million, due to stronger demand from its customers overseas.

"We closed FY20 on a high note by registering a record-breaking annual revenue and net profit against the backdrop of a challenging business environment," said Foong.

To recap, the group paid a total dividend of 1.5 sen per share in September for FY20 ended June 30, 2020, which was a threefold increase from the 0.5 sen per share paid in FY19.

"Furthermore, we are pleased to have kept up the positive momentum by posting our best-ever quarterly top- and bottom-line performances in the first quarter of the new fiscal year (1QFY21). JF Techology's 1QFY21 net profit surged 121.5% year-on-year to RM4 million, which is already 50% of our historic-high FY20 net profit," added Foong.

He said the group's outlook remains bright as the global semiconductor industry is expected to continue to be on an upward trajectory.

According to him, the imminent deployment of the game-changing 5G globally will create a paradigm shift through the developments of artificial intelligence, autonomous driving, healthcare advancement, amongst others, which will lead to a huge wave of demand for the next generation of semiconductors.

"This is also a great opportunity for JF Technology and Malaysia to move up the semiconductor value chain and in turn, create high-value jobs for Malaysians," he added.

Now, the group is focusing on the execution of its growth drivers, with its new 5G products having already hit the market, said Foong.

"We expect the sales pace to pick up. JF Technology will continue to grow our intellectual property, which is one of our key differentiators. The group has filed 63 patents in various countries, 16 of which are for 5G testing applications," he added.

At noon break, shares in JF Technology were unchanged at RM4.76, valuing the group at RM1.1 billion.