HSS Engineers wants to move to Main Market

PETALING JAYA: HSS Engineers Bhd proposes to transfer its listing to the Main Market from the ACE Market of Bursa Malaysia.
In a filing with the stock exchange, the company said it met the requirements for the transfer of its listing to the Main Market as set out in the Equity Guidelines issued by the Securities Commission Malaysia.
“The group has achieved an aggregate profit after tax (PAT) of RM33.3 million for the past three financial years (FY14-FY16), including PAT of RM14 million in FY16, exceeding the profit requirements set by the authorities which require an aggregate PAT of at least RM20 million for the past three to five full financial years; with PAT of at least RM6 million for the most recent financial year,” said HSS Engineers executive director Datuk Seri Ir Kuna Sittampalam.
“We believe the proposed transfer will enhance our group’s prestige and reputation, and accord us greater recognition and acceptance among investors, especially the institutional investors which bodes well for us,” he added.
Going forward, Kuna said the company remains focused on strengthening its core services in Malaysia, while actively exploring its geographical expansion plans into Asean, the Middle East and India, which will be through strategic partnership/joint venture with local firms with proven track record.
HSS Engineers’ engineering services (which include engineering design and construction supervision) together with project management services remained as the main revenue driver, contributing 95% or RM131.9 million to its revenue in FY16.