KUALA LUMPUR: Pekat Group Bhd has secured the Securities Commission (SC) approval to transfer its listing from Bursa Malaysia’s ACE Market to the Main Market.
The regulator granted its approval on Tuesday, Pekat said in a Bursa Malaysia filing.
The SC also confirmed that the group had complied with the Bumiputera equity requirement for public-listed companies.
The proposed transfer comes more than five years after Pekat made its ACE Market debut in June 2021.
Pekat first announced its intention to move to the Main Market in June this year, saying the transfer would enhance its corporate profile and broaden its appeal to investors, particularly institutional funds.
The company has met the financial criteria for the transfer, including a minimum combined net profit of RM30 million over three financial years, with at least RM15 million in the latest financial year.
Pekat recorded a cumulative net profit of RM80.78 million for financial years 2023 to 2025, including RM45.05 million in FY25.
Its revenue more than doubled to RM609.53 million in FY25 from RM286.98 million a year earlier, supported by stronger contributions from its solar and power distribution equipment businesses.
For the first six months of FY26, its net profit rose to RM26.63 million from RM23.08 million in the corresponding period last year, while revenue increased to RM343.32 million from RM277.30 million.
Pekat is involved in solar power systems, lightning protection and electrical equipment.
It had a market capitalisation of RM2.06 billion based on its five-day volume-weighted average share price as at Oct 30.
Public Investment Bank Bhd is the principal adviser for the proposed transfer.