KUALA LUMPUR (Dec 8): Oceancash Pacific Bhd, whose share price has climbed some 94% in the past 12 months, has proposed to transfer the listing and quotation of its shares from the ACE Market to the Main Market of Bursa Malaysia.
In a filing with the exchange yesterday, Oceancash said the move, if succeeded, will be another milestone achieved by the group since its listing on the then MESDAQ Market in 2004.
"The proposed transfer will enhance the company’s credibility, prestige and reputation, and accord the company with greater recognition and acceptance amongst investors, in particular institutional investors, while reflecting Oceancash’s current scale of operations.
"This in turn is expected to improve the liquidity and marketability of Oceancash shares," the group said.
Oceancash said it has met the profit, public shareholding spread, financial position and liquidity requirements for the transfer of its listing to the Main Market.
The proposed transfer will require shareholders' approval through an extraordinary general meeting. Oceancash expects to complete the transfer by the second quarter of 2018. Affin Hwang Investment Bank has been appointed as the principal adviser for the proposed transfer
In the first nine financial months ended Sept 30, 2017 (9MFY19), it booked a net profit of RM7.51 million, up 8% from RM6.93 million a year ago, as revenue grew 12% to RM67.34 million from RM60.25 million.
Oceancash's share price fell 0.5 sen or 0.68% to close at 73.5 sen yesterday, giving it a market capitalisation of RM163.91 million.