KUALA LUMPUR (March 3): Integrated e-commerce securities trading solutions provider N2N Connect Bhd has called off its plan to transfer its listing from the ACE Market to the Main Market.
The group, which had made the proposal in June 2020, said it has now decided to withdraw the application “after taking into consideration the continuing market volatility amid the expectation of softening in global growth”.
“As such, the board is of the view that it is not the best time for the company to continue with the proposed transfer.
“Nonetheless, it is the intention of the company to relook [at] the proposed transfer in the future,” N2N added in a Bursa Malaysia filing.
Although the group’s management is still being led by founder and managing director Tiang Boon Hwa and his wife Lai Su Ping, N2N saw a change in its substantial shareholders over the past two years.
When the transfer was proposed in June 2020, the group’s substantial shareholder was Japannext Co Ltd’s subsidiary SBI Holdings Inc, which in April 2021 divested its 23.65% stake to China-based Hundsun Holdings Ltd.
Public Investment Bank Bhd is the principal adviser for the proposed corporate exercise.
Shares of N2N closed unchanged at 48.5 sen on Friday (March 3), giving the group a market capitalisation of RM270.73 million.