KUALA LUMPUR: OpenSys (M) Bhd has secured approval from the Securities Commission to transfer to the Main Market of Bursa Malaysia. 

OpenSys said it had fulfilled the requirement of achieving the minimum cumulative net profit of RM20 million in the past three years, despite the impact of the pandemic. 

Chief executive officer Eric Lim said the company's steady profit and dividend track record even amid the challenging external circumstances was underpinned by its adaptive and resilient business model.

"We support our customers' business growth with more rollouts in the expansion phase and sustain their current suite of services by providing continuous maintenance during economic uncertainty. 

"This corporate exercise of transferring to Main Market is therefore fitting, as it signals OpenSys' expanding business scope. 

"We will continue to maintain our existing segment of implementing crucial services for financial services, telecommunications and utilities providers. This is poised to further strengthen as we develop and implement solutions to support our customers' digitalisation initiatives," said Lim. 

OpenSys has been able to declare and distribute consistent dividends to shareholders on a quarterly basis since October 2018 given its steady bottomline.

For the financial years ended December 31,  2019 to 2021, OpenSys' dividend payout ratio represented 37 per cent to 40 per cent of net profit.

"Our new technology platform-based services such as SmartCIT and online solar marketplace buySolar have enjoyed increasing awareness and take-up from our target markets.

"Altogether, we believe that our growing earnings base and upcoming Main Market transfer would boost our appeal to a wider pool of investors, including the institutions," added Lim. 

The transfer is expected to be completed in the third quarter of 2022.