KUALA LUMPUR (July 22): SL Innovation Capital Bhd (KL:SLIC) has decided to defer plans to transfer its listing from the LEAP Market to the ACE Market.

The group, which made the proposal in June 2023, has now decided to postpone its plans, citing prevailing market uncertainties, KAF Investment Bank Bhd (KAF IB) said on behalf of SL Innovation.

“After further deliberation, taking into consideration, amongst others, the current uncertain market and economic conditions along with the emerging competitive artificial intelligence landscape, the company has resolved to defer the proposed transfer of listing at this juncture,” it said in a filing on Tuesday, but did not indicate a revised timeline for the proposed transfer.

SL Innovation is principally involved in the provision of information technology infrastructure solutions, as well as enterprise software solutions.

The group was listed on the LEAP Market on May 21, 2018, with an initial price offering of 18 sen.

The group’s net profit jumped 44.9% to RM6.12 million for the financial year ended Dec 31, 2024 (FY2024), compared with RM4.22 million a year earlier, on the back of higher revenue from both its business process automation solutions and IT infrastructure technology solutions. Revenue for FY2024 rose 24.6% to RM62.87 million from RM50.40 million in FY2023.

SL Innovation’s shares were last traded at 67 sen, giving the group a market capitalisation of RM87 million.

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