L&P Global seeks to transfer to Bursa Malaysia Main Market

PACKAGING solutions provider, L&P Global Bhd, intends to transfer from the ACE Market to the Main Market of Bursa Malaysia, just six months after its debut.

In a Bursa filing yesterday, the company confirmed that it has met all the necessary requirements for the proposed transfer and has also proposed amendments to its constitution to facilitate the move.

L&P Global made its IPO on Jan 3, entering the ACE Market with an opening price of 42 sen, surpassing its IPO price of 30 sen. The stock closed at 53 sen, reflecting an impressive premium of 82%.

The company’s shares closed at 40 sen yesterday, marking a 3.9% increase and valuing the company at RM224 million.

Financially, L&P Global has shown positive performance, reporting an audited consolidated profit after tax (PAT) of approximately RM14.74 million for the most recent financial year ended Dec 31, 2022 (FY22).

The company’s aggregate combined/consolidated PAT for FY20 to FY22 stands at approximately RM38.92 million.

With a healthy financial position and no accumulated losses, L&P Global believes that the transfer to the Main Market will bolster its credibility, prestige and reputation among investors, enhancing the attractiveness and marketability of its shares.

The proposed transfer and amendments to the constitution are subject to regulatory approval. — TMR