JF Tech seeks transfer of listing to Main Market
KUCHING: Leading innovator and manufacturer of highperformance test contacting solutions for global integrated circuit makers, JF Technology Berhad (JF Tech), has proposed to transfer the listing and quotation of the entire issued share capital and the outstanding warrants of JF Tech from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities).
Managing director of JF Tech, Datuk Foong Wei Kuong said, “We are delighted to have met the criteria for the Proposed Transfer, which include satisfying the profit track record requirements, having healthy financial position and liquidity as well as having adequate public shareholding spread.
“This signifies the financial strength and solid performance delivered over the past few financial years. Not resting on our laurel, we continue to forge ahead and work tirelessly to keep up the positive momentum.
“Besides, the proposed transfer would boost the confidence of all our stakeholders and better reflect our group’s current scale of operations. We will also have greater access to the broader capital market to fund our future growth plans.”
“Moving forward, our growth drivers continue to be the Group’s main focal point, which would further strengthen JF Tech’s position in the industry and ultimately delivering sustainable growth.
“All our growth drivers are progressing well and we are excited by the realization of these plans. On balance, the prospects of the hroup continue to be bright underpinned by the aforementioned factors along with the robust growth of the semiconductor and electric vehicle industries,” Foong further added.
Based on the audited consolidated financial statements of JF Tech, the Group’s aggregate profit after tax attributable to owners of the company (PATAMI) for the past three financial years amounted to RM26.2 million, with a PATAMI of RM15.2 million for the latest financial year ended 30 June 2021 (FY21).
Meanwhile, the adjusted consolidated PATAMI is approximately RM14.4 million for FY21 and the aggregate adjusted consolidated PATAMI stood at RM27.1 million.
Accordingly, the group has exceeded the profit requirements for the proposed transfer, which requires the group to have an aggregate after-tax profit of at least RM20 million for the past three full financial years, as well as an after-tax profit of at least RM6 million for the most recent financial year.
The group has a strong and robust balance sheet and is in a net cash position with cash and cash equivalent amounting to RM88.2 million as at June 30, 2021. In addition, JF Tech generated positive net cash flow from operating activities of RM12 million in FY21, and has been consistently doing so since its listing
in 2008. Meanwhile, the Group’s current ratio remained very healthy at 23.5 times.
In terms of public shareholding spread, the group has, as at October 29, 2021, a public shareholding spread of approximately 43.43 per cent comprising 18,986 public shareholders holding not less than 100 ordinary shares each, exceeding the minimum requirement of 25 per cent public shareholding in the hands of 1,000 public shareholders.
The proposed transfer is subject to approvals from the Securities Commission Malaysia (SC), Bursa Securities and any other relevant authority, if required. The application for the Proposed Transfer to the SC is expected to be made within one month from the date of the Proposed Transfer announcement.
Subsequently the application to Bursa Securities is expected to be made within one month from the date of the SC’s approval.
Barring unforeseen circumstances and subject to all relevant approvals being obtained, the exercise is expected to be completed by the first quarter of 2022.