KUALA LUMPUR: Software company Opensys (M) Bhd has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia by the third quarter (Q3) of 2022.

       In a filing with Bursa Malaysia, OpenSys said the proposal signifies the growth, profitability and financial strength of the group as it has met the profit track record requirements for a transfer to the Main Market.

       As at Jan 31, 2022, being the latest practicable date, the issued share capital of the group was RM29.79mil comprising 446.84 million ordinary shares.

       “OpenSys and its subsidiaries have met the requirements for the proposed listing transfer as set out in the equity guidelines issued by the Securities Commission,” it said, Bernama reported.

       OpenSys said its market capitalisation is about RM169.80mil – having grown from its listing market capitalisation of some RM53.23mil.

       This reflected its current outlook and prospects, size and scale of operations as well as stakeholders’ confidence and belief in the group, it said.

       “The board believes that the proposed listing transfer will enhance the group’s credibility and reputation and accord the group with greater recognition among institutional investors,” it added.

       OpenSys has achieved an audited consolidated profit after taxation attributable to the owners of the company (Patmi) of about RM11.08mil for the financial year ended Dec 31, 2020 (FY20) and an aggregate consolidated Patmi of some RM32.34mil for FY18, FY19 and FY20.

       At the close of Bursa Malaysia yesterday, OpenSys share price eased one sen to 36 sen with 357,400 shares traded.