Bursa Malaysia Securities Bhd (Bursa Securities) said in a bourse filing today that Comintel has regularised its financial condition and level of operations, and no longer triggers any of the criteria under PN17 of the Main Market listing requirements.

“After due consideration of all facts and circumstances, Bursa Securities has decided to approve the company’s application for an upliftment from being classified as a PN17 company,” it said, adding Comintel will exit from being classified as a PN17 company effective from 9am tomorrow.

The company fell under the PN17 classification back on March 28, 2019, when its shareholders’ equity dipped below RM24 million, representing less than a quarter of its issued capital.

Comintel is a Malaysian investment holding firm, operating primarily in the system integration and maintenance services sector, along with its manufacturing segment.

For the first quarter ended April 30 (Q1 FY2023), the company reported a significant 89% surge in net profit to RM5.73 million from RM3.04 million previously.

Meanwhile, its revenue experienced significant growth, more than doubling to RM59.55 million from RM27.37 million.

This increase was primarily driven by the initiation of fresh projects within the construction sector, contributed by its wholly-owned subsidiary Binastra Builders Sdn Bhd (formerly known as Total Package Work Sdn Bhd).

According to a bourse filing on Aug 30, the company landed a contract worth RM161.28 million from property developer Exsim Jalil Link Sdn Bhd to oversee the construction of two building blocks as part of a data centre project located in Bukit Jalil.

The contract is expected to provide an additional income stream for the company over the next two financial years.

Its shares hit a record high of RM1.26 today before paring its gains to end 2 sen or 1.74% higher at RM1.17 at the close of trade today, valuing the company at RM447.52 million.