Inari seeks upgrade to Bursa's Main Market

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KUALA LUMPUR (July 8): Bursa Malaysia ACE Market-listed Inari Bhd is seeking an upgrade to the exchange's Main Market.

In a filing with Bursa Malaysia, Inari said the proposed transfer aims to attract more institutional investors into the semiconductor manufacturer.

“The proposed transfer listing is expected to enhance the Inari group’s prestige and reputation, and accord the Inari group with greater recognition and acceptance amongst investors, in particular, institutional investors,” said Inari.

Inari said it is qualified to be upgraded to the Main Market by virtue of the company meeting Bursa Malaysia's criteria of uninterrupted profit for three to five financial years with an aggregate profit after tax (PAT) of at least RM20 million.

Another criterion is that a company has to make a PAT of at least RM6 million in its most recent financial year.

According to Inari, it has registered an aggregate audited PAT of approximately RM53.2 million for the past three financial years (FY) ended June 30, 2010 to 2012.

Cumulative PAT for the nine months of FY13 came to RM28.48 million, it said.

The company said the planned transfer to the Main Market requires approvals from the Securities Commission and Bursa Malaysia, besides Inari shareholders.

Inari said the proposed transfer should be completed in the fourth quarter of this year. M&A Securities is advising Inari on the exercise.

Trading of Inari shares which were suspended since 9am today, will resume at 2.30pm.

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