OpenSys' proposed listing transfer gets greenlight from SC
KUALA LUMPUR: Opensys (M) Bhd has obtained approval from the Securities Commission for the transfer of its listing from the ACE Market to the Main Market of Bursa Malaysia.
The proposed transfer to the Main Market is subject to further approval from Bursa Securities and the extraordinary general meeting on a date to be determined.
The IT solutions firm, which was listed on the Mesdaq (now ACE Market) on Jan 29, 2004, said in a statement that it had fulfilled the requirement of achieving the minimum cumulative net profit of RM20mil in the past three years, despite the impact of the Covid-19 pandemic and subsequent movement control orders.
For the financial years ended Dec 31, 2019, to 2021, OpenSys’ dividend payout ratio represented 37% to 40% of net profit.,
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"We will continue to maintain our existing segment of implementing crucial services for financial services, telecommunications and utilities providers.
"This is poised to further strengthen as we develop and implement solutions to support our customers’ digitalisation initiatives," said OpenSys CEO Eric Lim.
He added that new technology platform-based services such as SmartCIT and online solar marketplace buySolar have enjoyed increasing awareness and take-up from its target markets.
"Altogether, we believe that our growing earnings base and upcoming Main Market transfer would boost our appeal to a wider pool of investors, including the institutions,” he said.