The productionline of bluetooth accessories at Salutica Allied Solutions.
Salutica, which was listed on the Ace Market on May 18, said the proposed transfer signalled the rapid growth and financial strength of the group as it had met the profit track record requirements for a transfer.
This is based on its audited financial statements with an aggregate after-tax profit of at least RM20mil for the past three full financial years and an after-tax profit for the most recent financial year (ending June 30) of RM6mil.
Salutica noted that its market capitalisation was about RM500mil, “reflecting our stakeholders’ confidence and belief in our business.”
“The board believes that the proposed transfer will enhance the company’s credibility, prestige and reputation, and accord the company greater recognition and acceptance by investors, including institutional investors, to reflect the group’s current scale of operations,” the company said.
“Further, the proposed transfer is also expected to enhance the confidence of its customers, suppliers, bankers, business partners, employees and shareholders, through its profile as a company listed on the Main Market.”
Salutica expects the proposed transfer to be completed by the first quarter of 2017.
The counter closed unchanged on Friday at RM1.34 with 695,900 shares changing hands.
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