SNS Network Technology (KL:SNS) secured approval from Malaysia’s Securities Commission (SC) to upgrade its listing to Bursa Malaysia’s Main Market.
The IT systems and solutions provider met profit test requirements, achieving at least RM20 million total net profit over the past three years, including at least RM6 million in the latest year.
Originally listed on the ACE Market on September 2nd, 2022, SNS Network seeks final approval from Bursa Malaysia for its transfer to the Main Market. The company expects to complete the move by the third quarter, barring unforeseen circumstances.
Ko Yun Hung, Managing Director of SNS Network, stated, “The transfer will enhance our profile and reputation, leading to greater recognition and acceptance among investors, especially institutional ones. It will also boost our corporate image, fostering trust with customers, suppliers, partners, bankers, employees, and shareholders.”
For the fiscal year ending January 31, 2024 (FY2024), the group reported a net profit of RM31.96 million and revenue of RM1.28 billion.
Last October, SNS announced a partnership with Seagate Technology to offer data storage solutions in Malaysia. They secured a contract with Esri Malaysia Sdn Bhd in February for geographical information system solutions.
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