KUALA LUMPUR: Mestron Holdings Bhd (MHB) has transferred its entire issued share capital from the ACE market to the main market of Bursa Malaysia.
Bursa Malaysia approved transferring MHB to the main market within the Industrial Products & Services sector via a letter dated December 8, 2023.
MHB managing director Por Teong Eng said the transfer marks a significant milestone for the company after its listing on the ACE market on June 18, 2019.
"The transfer will further strengthen the MHB's credibility among its customers, suppliers, business associates, employees and shareholders, and further strengthen its shareholder base, especially among institutional investors," he said in a statement.
MHB is a leading domestic manufacturer and supplier of specialty poles, focusing on the telecommunications (telco) sector.
The company has also ventured into the renewable energy (RE) segment in recent years, specifically in the solar and biogas sectors.
MHB's net profit for the first nine months (9M) of FY23 jumped 40.2 per cent to RM9.41 million from RM6.72 million in the same period a year ago.
Reduced raw material costs and a spike in demand for specialty poles in the telco sector fueled this improvement.
Consequently, MHB also witnessed a 29.28 per cent revenue growth to RM106.14 million in 9M FY23, compared to RM82.10 million in 9M FY22.
Por said that while the company will continue to focus on the telco sector offerings, particularly the rising demand for their specialty poles amid the rollout of the Jendela initiatives nationwide, it is also exploring earnings-accretive merger and acquisition (M&A) opportunities.