In a statement, group CEO Gary Dass Anthony Francis said the proposed transition is driven by the waste management and recycling solutions provider’s consistent financial achievements and aligns with the profit requirements set by the Securities Commission.

“Tex Cycle has demonstrated solid financial health and a promising growth outlook with an aggregate profit after tax exceeding RM20 million over the last three to five financial years and RM7.93 million in the most recent fiscal year,” Dass said.

He said this strategic step will support the company with a stronger platform to advance its commitment to environmental stewardship and operational excellence.

In a filing with Bursa today, Tex Cycle said the proposed transfer is expected to enhance the group’s prestige and reputation.

In addition, Tex Cycle said it will give greater recognition among institutional investors while reflecting the scale of its current operations.

“This, in turn, will improve the liquidity and marketability of Tex Cycle shares,” it said, adding that it is expected to promote the group’s corporate image.

Tex Cycle is expected to make the application three months from today.

“The move, if approved, will mark another major milestone for the group, which was listed on July 27, 2005,” the filing said.

It said the exercise will be completed in the first quarter of 2025, barring any unforeseen circumstances.

As at 5pm, Tex Cycle’s share price was down by 2 sen or 1.54% at RM1.28, giving the group a market capitalisation of RM327.92 million.