Thursday 28 Mar 2024
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KUALA LUMPUR (Apr 27): Barely a year since its debut on Bursa Malaysia’s ACE Market, Inta Bina Group Bhd is seeking a transfer to the Main Market.

The building contractor said it has satisfied the profit requirement to be listed on the Main Market, which is having at least RM20 million of aggregate profit after tax (PAT) over the past three to five full financial years and at least RM6 million PAT for the most recent financial year.

In a filing with Bursa Malaysia, Inta Bina said it recorded an aggregate PAT of RM39.84 million over the past three financial years with a PAT of RM15.6 million for the year ended Dec 31, 2017 (FY17).

As at the end of  FY17, Inta Bina’s current assets stood at RM174.73 million while its current liabilities totalled RM130.69 million.  This gives a current ratio of 1.34 times, which Inta Bina said reflects its ability to meet short-term obligations.

In addition, the group said it has cash and short-term deposits of  RM30.45 million as at FY17 and had generated positive cash flow from operating activities from FY15 to FY17.

“The board is confident that, after taking into account its gearing level and cash flow position as well as the banking facilities currently available to the group, its working capital will be sufficient for its existing and foreseeable requirements for a period of 12 months from the date of this announcement,” it said.

In terms of public shareholding spread, Inta Bina said as at April 20, its record of depositors showed that 30.53% of its total issued shares was held by 2,235 public shareholders.

This public shareholding spread meets the requirement of having at least 25% of total listed shares in the hands of a minimum of 1,000 public shareholders.

Inta Bina said the proposed transfer to the Main Market is expected to enhance its prestige and reputation, and will accord the group with greater recognition and acceptance amongst investors, in particular, institutional investors.

“In addition, the proposed transfer will also promote the group’s corporate image leading to greater recognition and confidence to clients, subcontractors, business partners, bankers, employees and shareholders,” it said.

The proposed transfer requires Inta Bina shareholders’ approval at the forthcoming annual general meeting on June 22.

Inta Bina expects the transfer  to be completed in the second half of this year.

Inta Bina’s share price gained 0.5 sen or 1.56% to settle at 32.5 sen today, giving it a market capitalisation of RM176.64 million.

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