ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
Home
Press release
May 19, 2023 19:00 JST
Source:
Artroniq Bhd
Artroniq Shareholders Approve Private Placement to Raise up to RM36.8 Million
Company to diversify into e-bike manufacturing to enhance earnings
KUALA LUMPUR, May 19, 2023 - (ACN Newswire) - Leading global information and communications technology (ICT) provider Artroniq Berhad is pleased to announce that shareholders have approved all resolutions at the Company's EGM today.
Marcus Chin Choon Wei, Chief Financial Officer of Artroniq Berhad
Shareholders approved a private placement of up to 65,659,400 placement shares, representing 20.0% of the Company's total number of issued shares, to raise gross proceeds of up to RM36.8 million for the diversification into the manufacturing of electric bicycles (e-bikes), general working capital and estimated expenses for the proposal.
Shareholders also approved the proposal to diversify into the e-bikes business as part of the Company's strategy to diversify its income stream.
A bonus issue of up to 196,978,202 new warrants on the basis of one warrant for every two existing ordinary shares in the Company was also approved to reward shareholders for their support by enabling them to participate in its convertible securities as well as to provide them with an opportunity to increase their equity participation should they exercise the warrants.
In the event that all the warrants are exercised at the exercise price of RM0.60 each, the Company will raise gross proceeds of RM118 million to be used for working capital requirements, including payments to suppliers and trade creditors, staff costs, directors' remuneration and statutory contributions, overhead expenditures and, compliance expenses.
Marcus Chin Choon Wei, Chief Financial Officer of Artroniq, said, "I would like to thank all our shareholders who participated in the EGM to shape the future of the Company. We also want to thank them for their trust in the board of directors and management in guiding the business to greater success."
"The e-bikes business not only adds an additional income stream, but it also enhances our earnings with a contribution of 25% or more in net profit besides resulting in the diversion of 25% or more of the Company's net assets. The ICT products business comprising provision of point-of-sale (POS) solutions and distribution of POS hardware, peripherals and related services will remain as the Company seek to leverage on opportunities in technology trends."
Earlier this year, Artroniq's wholly owned subsidiary, Artroniq iTech Sdn Bhd, was awarded a RM100.0 million, two-year contract by Beno Inc. to assemble the Reevo series of e-bikes totalling 7,000 units that is expected to be completed on or before 30 September 2023.
As of 19 May 2023, Artroniq's share price is at RM0.80sen with a market capitalisation of RM262.6 million.
Artroniq Bhd: 0038 [BURSA: ARTRONIQ] [RIC: ARTR.KL] [BBG: ARTRONIQ:MK],
https://www.artroniq.com/
Source: Artroniq Bhd
Sectors: Daily Finance, Daily News, Local Biz
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
JCB Becomes Sole Sponsor of New Large-Scale Japanese-Themed Establishment in Plaza Senayan, Jakarta's Luxury Mall
Dec 06, 2024 14:00 JST
JCB Signs Memorandum of Understanding with Kobe Tourism Bureau for Inbound Tourism Promotion
Dec 06, 2024 14:00 JST
"LEQEMBI" (Lecanemab) Approved for the Treatment of Early Alzheimer's Disease in Mexico
Dec 05, 2024 11:22 JST
DENSO Signs Memorandum of Understanding with Canatu of Finland for Practical Application of Carbon Nanotube Technology
Dec 04, 2024 17:51 JST
Honda and MIE Honda HEAT Hold Rally Event Ahead of the NTT Japan Rugby League One 2024-2025 Season
Dec 03, 2024 16:59 JST
MHI Thermal Systems Receives Minister of the Environment Award for Climate Action 2024
Dec 03, 2024 13:12 JST
Fujitsu entrepreneurship program spins out first start-up company
Dec 03, 2024 10:48 JST
Macau LRT Seac Pai Van and Hengqin Extension Lines Begin Commercial Operations
Dec 03, 2024 08:30 JST
Honda Introduces AI-powered Social Robot, Haru, to University Hospital in Spain
Dec 02, 2024 23:08 JST
DENSO to Exhibit at "Automechanika Dubai 2024"
Dec 02, 2024 22:38 JST
Fujitsu expands global strategic collaboration agreement with AWS to promote customer digital transformation across industries
Dec 02, 2024 22:07 JST
MHI Receives Order to Supply 24 MOX Fuel Assemblies for Unit 3 of Ikata Nuclear Power Station, Shikoku Electric Power Co. Inc.
Dec 02, 2024 12:55 JST
MHI Receives Order from Taiwan High Speed Rail Corporation for Trackwork and Core System for New Rolling Stock Inspection Shop in Zuoying Depot
Dec 02, 2024 12:21 JST
ULVAC Launches New Deposition System for Semiconductor Applications: Model "ENTRON-EXX"
Dec 02, 2024 09:10 JST
Launch of Demonstration Test for CO2 Capture from Chemical Recovery Boilers at Paper Mills in Japan
Nov 29, 2024 19:11 JST
Mitsubishi Electric's Swedish Subsidiary Signs a Share Transfer Agreement to Wholly Acquire Norwegian Elevator Company ALT Heis
Nov 29, 2024 15:30 JST
JAL and NEC Test AI-Powered Carry-On Baggage Analysis Solution
Nov 29, 2024 15:27 JST
Hitachi Energy to integrate ScottishPower wind farm to power almost one million homes in the United Kingdom
Nov 29, 2024 12:54 JST
TGR Announces Partially Upgraded Supra (3.0-liter) and Special-edition Supra "A90 Final Edition"
Nov 29, 2024 11:22 JST
Hitachi Receives an Order for All 147 Elevators and Escalators for the Second Phase of the Taipei MRT Wanda-Zhonghe-Shulin Line
Nov 28, 2024 22:20 JST
More Latest Release >>
Related Release
Artroniq Announces Impressive Q1 FY2024 Financial Performance with Remarkable Revenue Growth
November 24 2023 11:00 JST
Artroniq Spearheads Electric Revolution with Offcial Launch of United E-Motor in Malaysia
October 30 2023 17:00 JST
Artroniq Announces EV Bike Launch with United Motors in Malaysia in Q4 of 2023
September 27 2023 18:00 JST
Artroniq Enters Transformative Distribution Agreement with PT. Terang Dunia Internusa
September 11 2023 20:00 JST
Artroniq Berhad Secures Pivotal RM9.6 Million E-Commerce and Retail Software Development Project
September 01 2023 20:00 JST
More Press release >>