TOP PAGE
ENGLISH
JAPANESE
|
CONNECT WITH US:
Home
About
Services
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.
Related Press 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 >>
Latest Press Release
MHI Thermal Systems Receives Order for Large-scale Centrifugal Chillers from Empower for its District Cooling Plants in Dubai, UAE
Oct 18, 2024 11:20 JST
Fujitsu and Teikyo University begin joint research on UX platform for promotion of lifestyle improvement using XR, spatial computing, and generative AI
Oct 18, 2024 10:38 JST
TANAKA to Provide Medals Representing the Event Concept with a Design of Gently Curved Circular Expansion for the Tokyo Legacy Half Marathon 2024
Oct 18, 2024 03:00 JST
A Joint Regional Cohort Study by Shimadzu, Eisai, Oita University, and Usuki City Medical Association
Oct 17, 2024 20:01 JST
Update on Regulatory Review of Lecanemab for Early Alzheimer's Disease in Australia
Oct 17, 2024 15:59 JST
Regarding the transfer of sales functions related to NEC-brand PCs for commercial customers
Oct 17, 2024 11:38 JST
TANAKA Announces "TK-SK" Palladium Alloy for Semiconductor Test Equipment
Oct 17, 2024 11:00 JST
Mitsubishi Power Completes Construction of 50MW Woody Biomass-fired Power Plant in Hyuga, Miyazaki Prefecture
Oct 16, 2024 20:07 JST
Orders for Gas Turbines through Partner Firm in China Reaches 150 Units
Oct 16, 2024 19:50 JST
Amyotrophic Lateral Sclerosis Treatment "Rozebalamin(R) for Injection 25 mg" Receives The Good Design Award 2024 for Light- Proof Vial Packaging
Oct 16, 2024 19:14 JST
Fujitsu to combat fake news in collaboration with leading Japanese organizations
Oct 16, 2024 12:35 JST
Mitsubishi Heavy Industries Invests in Koloma, a US-Based Geologic Hydrogen Exploration Startup
Oct 16, 2024 09:03 JST
Fujitsu implements global launch of world's first AI application to prevent quality degradation in 5G wireless networks
Oct 15, 2024 14:08 JST
NEC C&C Foundation Awards 2024 C&C Prize
Oct 15, 2024 13:34 JST
TOYOTA GAZOO Racing continues championship chase
Oct 11, 2024 20:19 JST
Overview of RTL ELECTRIC Competition Trial Bike
Oct 11, 2024 18:51 JST
TOYOTA GAZOO Racing and MoneyGram Haas F1 Team Agree on Technical Partnership for the Future of the Automotive Industry
Oct 11, 2024 18:27 JST
Dongfeng Honda Holds Opening Ceremony for New Energy Vehicle Production Plant in China
Oct 11, 2024 17:56 JST
UAE to Partner with Mitsubishi Heavy Industries Again for Next Emirati National Mission
Oct 11, 2024 17:35 JST
Oita University and Hitachi High-Tech Give a Joint Presentation on the Use of AI Technology to Extend the Lifespan of Polymer Electrolyte Fuel Cells
Oct 11, 2024 16:24 JST
More Latest Release >>