KUALA LUMPUR (July 28): Cosmos Technology International Bhd has proposed to withdraw its listing from Bursa Malaysia’s Leading Entrepreneur Accelerator Platform (LEAP) Market to facilitate its proposed listing on the ACE Market.

In a filing with Bursa Malaysia today, the integrated water technology solutions provider said its major shareholders had requested the board to consider undertaking voluntary withdrawal of the company's listing from the LEAP Market.

Its major shareholders are managing director Datuk Chong Toh Wee and integrated metal engineering company MSM International Ltd, who currently hold about 90% of the company’s shares.

“The proposed delisting from the LEAP Market is to accord the company access to a bigger fundraising platform to support its expansion plan in order to realise its long-term growth potential.

“It is also expected to increase the liquidity of the company’s shares by allowing a larger number of investors to engage in the buying and selling of the company’s shares upon the proposed listing,” it said.

Cosmos, which made its debut on the LEAP Market on March 9, 2020, said a principal adviser would be appointed to undertake the proposed listing exercise, and further details would be announced in due course.