by FARA AISYAH / pic by MUHD AMIN NAHARUL

GDB Holdings Bhd expects to transfer its listings from ACE Market to Main Market of Bursa Malaysia Securities Bhd by the first half of 2020 (1H20) after receiving its shareholders’ approval for the proposed amendments to its constitution at an EGM last week.

“Our plan to graduate to the Main Market of Bursa Malaysia in just two years after our listing on the ACE Market is a natural progression for GDB, and it reflects our larger scale of operations currently,” GDB group MD Cheah Ham Cheia (pictute) said in a statement.

“The proposed transfer to Main Market will not only elevate our profile in the eyes of potential clientele as one of the nation’s leading builders, but also certainly allow us to tap into a broader investing community, especially the institutional funds. This will only enhance our shareholders’ value from greater investor participation,” he added.

On Dec 13, 2019, the construction services group announced that it had proposed a transfer of its listings from the ACE Market to the Main Market and proposed an amendment to the constitution of the company to facilitate the implementation of the transfer.

The group noted that as of Dec 2, 2019, the issued share capital of GDB was RM62.6 million comprising 625 million ordinary shares.

Cheah said the group has grown from strength to strength and achieved notable milestones over the past 12 months, including winning its highest number of contracts in a single financial year despite the sector doldrums, entering new segments to construct industrial and hospitality buildings, and completing its first acquisition to widen the group’s scope of expertise.

He added that GDB’s orderbook as of Sept 30, 2019, stood at RM1.26 billion.

Cheah said the group aims to replenish its existing orderbook with an additional RM750 million worth of new projects in 2020, which is 50% higher than last year’s target.

Among the new projects secured by GDP in 2019 include Park Regent in Desa ParkCity, Kuala Lumpur; Perla Ara Sentral in Ara Damansara and Hap Seng Star Mercedes-Benz Autohaus in Setia Alam, Selangor; 5-star Hyatt Centric hotel in Kota Kinabalu; and piling and substructure works for Aviary Residence in Puchong Horizon.

The counter closed one sen or 1.32% higher at 75 sen last Friday, giving it a RM468.75 million market capitalisation.