Amlex hits limit up, emerges as top gainer amid proposed transfer to ACE Market
KUALA LUMPUR (July 4): Amlex Holdings Bhd's share price hit limit up in morning trade and emerged as the top gainer on the local bourse on Monday (July 4).
At noon break, the stock had risen as much as 30 sen or 81.08% to 67 sen albeit with a low trading volume, valuing the company at RM179.64 million. The manufacturing solutions provider saw 2,600 shares traded. However, it was unclear what prompted the surge in its share price.
In a previous Bursa Malaysia filing on May 28, the group said it had proposed for a voluntary withdrawal of its LEAP Market listing and aims to list on the ACE Market instead. “The rationale for undertaking the proposed withdrawal of listing is to facilitate the proposed listing of and quotation of the entire issued share capital of the company on the ACE Market of Bursa Securities. “This is to accord the company access to a bigger fundraising platform to support its expansion plan in order to realise its long-term growth potential. “It is also expected to increase the liquidity of the company’s shares by allowing a larger number of investors to engage in the buying and selling of the company’s shares upon the completion of the proposed ACE Market listing,” it explained.
Meanwhile, the group elaborated that the proposed transfer to the ACE Market will promote the company’s corporate image, leading to greater recognition and confidence from its clients, business partners, bankers, employees and shareholders. According to the group, M&A Securities has been appointed to undertake the proposed ACE Market listing. It also said that the proposed ACE Market listing is slated to be completed by the third quarter of the year. Notably, the group was listed on Bursa’s LEAP Market in September 2018.