ACE MARKET-LISTED SOUTHERN SCORE BUILDERS PROPOSES LISTING TRANSFER TO MAIN MARKET

KUALA LUMPUR, March 27 (Bernama) -- ACE Market-listed Southern Score Builders Bhd has proposed to transfer its listing and entire issued share capital to the Main Market of Bursa Malaysia.

The company said the proposed transfer entails its entire issued share capital of RM373.50 million, comprising 2.27 billion ordinary shares.

In a filing with Bursa Malaysia today, the company said the proposed transfer will be a testament to the group's growth, profitability, and financial strength while enhancing its corporate profile, credibility, and reputation and providing greater recognition and following among institutional investors.

“This, in turn, is expected to improve the liquidity and marketability of the Southern Score Builders shares,” the company said.

It said that since completing the reverse takeover on Nov 9, 2022, the group’s market capitalisation has risen from RM534.06 million on Feb 28, 2023, two years prior to the latest practicable date (LPD), to RM1.09 billion as at the LPD, reflecting a strong compound annual growth rate of 42.92 per cent.

Under the Securities Commission’s new accelerated transfer process, an ACE Market-listed company must have maintained a daily market capitalisation of at least RM1 billion for the past six months and meet the Main Market’s profit requirements.

Southern Score said the proposed transfer is also expected to provide greater confidence to its business partners, employees, shareholders and lenders/bankers given its enhanced profile as a company listed on the Main Market.

“Barring any unforeseen circumstances and subject to all required approvals being obtained, the board expects the proposals to be completed within the second half of 2025,” it said.

Affin Hwang Investment Bank Bhd has been appointed as the principal adviser to the company for the proposed transfer.

-- BERNAMA