KUALA LUMPUR (Dec 30): ACE Market-listed Elsoft Research Bhd, which specialises in the provision of automated testers for light-emitting diodes (LEDs), will be transferring to the Main Market of Bursa Malaysia on Jan 22 next year.

In a filing with Bursa Malaysia today, Elsoft said the local bourse had approved its transfer application vide its letter dated Dec 29.

"The transfer will take effect immediately two market days after an announcement of the transfer date and other relevant information in accordance with Part B of Annexure PN22-E of the Main Market Listing Requirements of Bursa Securities has been made," it said.

Elsoft had, on Nov 24, announced that its proposed transfer from the ACE Market to the Main Market of Bursa has been approved by the Securities commission.

Elsoft's share price has more than doubled since the beginning of the year, climbing from a low of 70 sen to an all time high of RM1.74 in early October. 

As at 2.31pm, it was up 1 sen to RM1.33, giving it a market capitalisation of RM240.75 million.

According to theedgemarkets.com, Elsoft garnered a score of 3 for fundamentals on a scale of 0-3, with 3 suggesting that it is profitable and has a strong balance sheet. 

It also got a score of 2 for valuation on the site, similarly on a scale of 0-3, with 3 suggesting a company gives higher than market average returns and is trading at a lower than average valuation.