KUALA LUMPUR: Northern Solar Holdings Bhd has received the Securities Commission's (SC) green light to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia.

The approval follows the company's compliance with the SC's Equity Guidelines for the proposed transfer, with Alliance Islamic Bank Bhd acting as its principal adviser.

The SC also confirmed that Northern Solar has met the Bumiputera equity requirement for public-listed companies following its listing on the ACE Market.

Northern Solar first announced the proposed transfer on March 25, 2026, and submitted its application to the SC on March 30.

The company was listed on the ACE Market on Feb 6, 2025. Its shares closed their first trading day at 79 sen, up 25.4 per cent from its initial public offering price of 63 sen, giving the company a market capitalisation of RM312.52 million.

At the time of writing, Northern Solar was trading at 69.5 sen, down half a sen or 0.71 per cent, with 355,000 shares changing hands. At that price, the company had a market capitalisation of RM274.94 million.

Northern Solar expects the transfer to mark the next stage of its development in Malaysia's capital market and strengthen its corporate profile and visibility among a broader investor base, including institutional investors.

The company and its advisers will proceed with the remaining requirements for the proposed transfer.