KUALA LUMPUR: Wintoni Group Bhd’s share price doubled and hit an intraday high of six sen yesterday, after the Guidance Note 3 (GN3) company announced that Techway Engineering Sdn Bhd is seeking a listing on Bursa Malaysia through a backdoor listing of the company.

However, the shares closed up 0.5 sen or 16.67% at 3.5 sen, with 45.18 million shares changing hands, valuing the stock at RM20.52 million. Wintoni has been trading in a 52-week range of between two sen and seven sen.

On Monday, Wintoni announced it had signed a memorandum of understanding with Techway directors Lim Kuan Joo and Ismail M Shuhud and a new company to be incorporated by the vendors (NewCo) under a proposed reverse takeover exercise. Wintoni said the parties aim to sign the definitive agreements on or before Sept 30, 2017.

Founded on Aug 6, 2009, Techway is principally involved in the business of supplies and contractors of engineering and technical services and products relating to renewable energy such as solar farm industry. Lim owns 99.5% of Techway shares, while Ismail holds the remaining 0.5%.

Wintoni, involved in industrial automation systems design, slipped into GN3 status on Feb 26 last year after its shareholders’ equity fell below 25% of the issued capital of the company.

Wintoni has fallen into quarterly losses since the first quarter ended March 31, 2015 (1QFY15). However, it narrowed its net loss to RM365,000 in 3QFY16 from RM35.15 million a year ago. It has yet to submit its financial results for 4QFY16, which were due on Feb 28, to Bursa Securities.