(Correcting intro, shd read "electronics manufacturing services" and not as sent earlier)
KUALA LUMPUR, July 8 (Bernama) -- Electronics manufacturing services (EMS) provider Inari Amertron Bhd is seeking to transfer its listing status to the Main Market of Bursa Malaysia from the ACE market in the fourth quarter of 2013.
Inari vice chairman Dr Tan Seng Chuan said the exercise is pending the approvals from the relevant authorities and shareholders at an upcoming extraordinary general meeting.
He said the exercise would also enable the group to attract greater shareholder interest especially among institutional investors.
"We don't have any specific names (institutional investors) but that is what we are aiming to do. Given our track record, obviously we have interest from institutions looking to invest in us.
"I think a big part of the reason for doing this transfer listing exercise is to get us into the radar of institutional investors," he told a media conference today.
Previously known as Inari Bhd, the group also announced its new name to Inari Amertron in line with the recent completion of the acquisition of Amertron Inc (Global) Ltd, a key player in the optoelectronics manufacturing sector.
"We will spend the next one year working on the integration of the Inari and the Ametron groups," said Tan.
Inari provides semiconductor packaging services for global players in the radio frequency (RF) mobile industry, which include back-end wafer processing and RF testing for key components used in the manufacturing of mobile smart devices.
Inari's results have more than exceeded the minimum uninterrupted profit track record of RM20 million over three years to be eligible to transfer to the Main Market.
Listed on the ACE market since July 2011, the group has reported rising profitability, with its three-year aggregated audited consolidated net profit totalling RM53.2 million from financial years ended June 30, 2010 to 2012.
M&A Securities has been appointed as the principal advisor for the transfer listing exercise.
The enlarged Inari group has manufacturing plants in Penang, Johor, Kunshan in China as well as Clark Field and Paranaque in the Philippines with 4,600 employees.
With the merger, Tan said, the group expects to achieve a turnover of RM1 billion in the next three years.
SRH SRH WGM VMD