KUALA LUMPUR, Geographic information system (GIS) solutions specialist RedPlanet Bhd has announced plans to migrate its listing from Bursa Malaysia’s LEAP Market to the ACE Market, a move aimed at improving trading liquidity, attracting more investors, and tapping into a wider fundraising platform to fuel its next phase of growth.
Founded in 2014, RedPlanet provides GIS and information and communication technology solutions to clients across Malaysia, Australia, India, and the broader ASEAN region. Since inception, the group has successfully completed over 230 contracts and currently carries an order book valued at RM28.99 million. Beyond its GIS business, RedPlanet is also active in the rail safety sector through its wholly-owned subsidiary, AZTI Technology Sdn Bhd, which created the PIES rail safety system used in projects such as the LRT3 and Kelana Jaya Line.
In its filing with Bursa, RedPlanet detailed its intended steps for the transfer:
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Exit from LEAP Market and relist on the ACE Market by the second quarter of 2026, subject to approvals.
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Public share issuance to meet ACE Market’s minimum public spread requirements.
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One-for-one bonus issue, which will increase its issued share base from 170.33 million to 340.65 million shares, while keeping its share capital unchanged at RM7.73 million.
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Adoption of a new constitution in line with ACE Market regulations.
The group noted that the proposed transfer underscores its strong track record and growth since its LEAP Market debut in August 2020, when it raised RM3.59 million via private placement. Those funds have since been fully deployed towards working capital, research and development, office renovations, and listing expenses.
Currently, RedPlanet falls short of ACE Market’s shareholder requirements, with only 17.7% public shareholding across 29 shareholders, compared with the minimum threshold of 25% held by at least 200 shareholders. The company said it is working to fulfill these requirements ahead of the transfer.
For the financial year ended June 30, 2024, RedPlanet recorded a net profit of RM5.16 million, up from RM4.16 million the previous year, on the back of a 40% surge in revenue to RM34.92 million—largely contributed by AZTI Technology’s performance. As of the same date, RedPlanet’s shareholders’ funds stood at RM23.86 million with a gearing ratio of 0.36. UOB Kay Hian Securities has been appointed as the principal adviser and sponsor for the proposed transfer.
