KUALA LUMPUR, Nov 10 — Hextar Industries Bhd (HIB) is seeking to transfer its ACE Market listing to Bursa Securities’ Main Market.

HIB was listed on February 13, 2014 under the name SCH Group Bhd.

The company has a market capitalisation of RM1.06 billion based on its closing market price on November 9, 2023.

It currently has 2.74 billion ordinary shares issued. For the recent quarter ended June 30, 2023, HIB Group recorded consolidated revenue of RM251.4 million and RM21.2 million in net profit, a Bursa Malaysia filing said today.

"The proposed transfer is intended to enhance its status and provide the group with greater recognition and acceptance among investors.

"It will also elevate the group’s corporate image among clients, contractors, business partners and bankers,” the filing said.

Group managing director Benny Ang said the proposed transfer is timely and reflective of its current operations and financial performance.

"We hope that being listed on Main Market will enhance our ability to raise funds for further expansion and to attract institutional investors to participate in our growth,” he said.

Barring any unforeseen circumstances, the proposed transfer is expected to be completed by the first quarter of 2024. — Bernama