TELADAN Group Bhd, a Melaka-based property developer, announced its successful approval from Bursa Malaysia Securities Bhd to transfer its listing and quotation from the ACE Market to the Main Market of Bursa Securities.

The approval is based on Teladan's compliance with the Securities Commission Malaysia Equity Guidelines, meeting the profit requirements for the transfer.

The group recorded an aggregate adjusted net profit of RM93.1 million for the financial years 2020 (FY20) to FY22, surpassing the minimum requirement of RM20 million.

The on-balance sheet strength is evident with current assets of RM215.5 million, current liabilities of RM98.2 million, and cash and cash equivalents at RM132.7 million as of FY22.

Teladan has maintained a healthy financial position, consistently generating positive cashflow, meeting public shareholding spread requirements and holding approximately 25.18% of its issued share capital by public shareholders as of mid-April 2023.

"This migration to Bursa Securities' Main Market is a significant milestone, reflecting our commitment to growth. As a Main Market-listed entity, we can attract institutional investors and enhance our capital market accessibility, fostering greater recognition and investor confidence in Teladan's long-term prospects," said MD Richard Teo Lay Ban.

He further emphasised the promising outlook for Malaysia's property development market, highlighting the government's initiatives to promote homeownership and economic growth through infrastructure projects.

Teladan, with one of the largest undeveloped land banks in Melaka at approximately 396ha as of Sept 31, 2023, is strategically positioned to explore new development opportunities and unlock significant commercial value.

Teladan also rewarded its shareholders with a single-tier interim dividend of 0.5 sen per share for FY23, underlining its commitment to shareholder value.