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JHM Consolidation seeks transfer to Main Market

PETALING JAYA: JHM CONSOLIDATION BHD is seeking to transfer the listing and quotation for its entire issued share capital to the Main Market of Bursa Malaysia Securities Bhd by the third quarter of this year.

The engineering solutions provider said it is also proposing amendments to its constitution in order to facilitate the implementation of the proposed transfer.

JHM said it believed the transfer would enhance its credibility, prestige and reputation, and accord the company with greater recognition and acceptance among investors – particularly institutional investors.

The move to the Main Market, it said, would also reflect JHM’s current scale of operations. “This, in turn, is expected to improve the liquidity and marketability of JHM shares, ” it said in a filing with Bursa Malaysia.

In addition, the group expects the proposed transfer to enhance the confidence of JHM’s customers, suppliers, business associates, employees, shareholders and lenders/bankers.

It added that the move, if approved by the relevant authorities, would mark another major milestone in JHM’s journey since its first listing on the Mesdaq Market (now known as the ACE Market) on July 13,2006.

JHM said the proposal would not have any effect on the issued share capital and substantial shareholders’ shareholdings of the company.

It added that the proposals would not have any material effect on the net assets, gearing, earnings and earnings per share.

The proposals are subject to approvals including from the Securities Commission (SC) and Bursa Securities for the proposed transfer, and JHM’s shareholders for the proposed amendments at an EGM to be convened.

The proposals are inter-conditional upon each other.

The group said the application to the SC for the proposed transfer is expected to be made within three months from the date of the announcement.

Source: TheStar