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 of 2022.

       In a filing with Bursa Malaysia, OpenSys said the proposed listing transfer 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 (LPD), the issued share capital of the company was RM29.79 million 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 Malaysia," it said.

       The group said its market capitalisation is approximately RM169.80 million -- having grown from its listing market capitalisation of approximately RM53.23 million, reflecting the group’s current outlook and prospects, size and scale of operations as well as stakeholders’ confidence and belief in the company.

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

       The group has achieved an audited consolidated profit after taxation attributable to the owners of the company (PATMI) of approximately RM11.08 million for the financial year ended Dec 31, 2020 (FY2020) and an aggregate consolidated PATMI of approximately RM32.34 million for the past three audited FY2018, FY2019 and FY2020.

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