KUALA LUMPUR (Oct 19): Plastic product manufacturer Acme Holdings Bhd said today it is exploring a potential joint venture (JV) with Skymind Holdings Bhd to produce artificial intelligence (AI) devices and offer AI solutions.
In a filing today in response to Bursa Malaysia’s unusual market activity (UMA) query last Friday over a sharp rise in the price and volume of Acme shares on that day, the company said it will make the necessary announcements upon the signing of any definitive agreement with Skymind.
"We wish to inform Bursa that the company (Acme) is only in the exploratory stage with Skymind for a potential JV to produce AI solutions/devices,” Acme said.
Acme said "it had come to the attention of the company via an article titled 'Acme joins Skymind in AI industry' by the New Straits Times dated Oct 19, 2020 at 9.47am".
"The board is not aware of any rumour or report concerning the business and affairs of the group (Acme) that may account for the trading activity, save for the article as mentioned above that has recently come to the attention of the company. The board is not aware of any other possible explanation to account for the trading activity, save for the article as mentioned above,” Acme said.
In addition, the company said it is constantly exploring business opportunities to steer towards improved profitability and financials to ensure fundamentals of the company remain strong as well as to enhance shareholder value.
At 3.20pm today, Acme’s share price was one sen or 1.47% higher at 69 sen, with a market value of about RM209.28 million. The stock saw some 14 million shares traded.
The counter had pared gains after rising to its highest so far today of 75.5 sen earlier.