KUALA LUMPUR: Shares of SNS Network Technology Bhd surged on Wednesday ahead of its transfer listing to Main Market of Bursa Malaysia tomorrow.
At the time of writing, SNS Network rose as much as 17.22 per cent to 88 sen from its previous close at 76 sen, making it the second most active stock on Wednesday.
A listing transfer to the Main Market typically entails access to a bigger pool of investors, including foreign and institutional investors which may not have the mandate to invest in second board ACE Market.
In May 2024, SNS Network obtained approval from the Securities Commission (SC) for its transfer to the Main Market.
The information and communications technology (ICT) system and solutions provider has fulfilled the profit test requirements for listing on Main Market of Bursa Securities, by achieving an aggregate net profit of at least RM20 million in the past three years as well as a net profit of at least RM6 million in the most recent financial year.
SNS was recently appointed as an authorised retailer of Space X's Starlink in early June.
SNS was listed on the ACE Market of Bursa Securities on Sep 2, 2022.