KUALA LUMPUR (March 5): Artroniq Bhd, formerly known as Plastrade Technology Bhd, has received a query from Bursa Malaysia as its share price jumped 24.5 sen or 30.43% today.

The counter was also actively traded with volume surging to a three-month high of 61.32 million shares.

The counter, which has traded below 20 sen for much of the last few years, has more than doubled from 50.5 sen at end-2020 to RM1.05 at last close, representing a gain of 107.92%.

Artroniq manufactures compounds for power cables, and distributes ICT products. It has been largely loss-making and booked four consecutive years in the red since the financial year ended Dec 31, 2017 (FY17).

For FY20, the group widened its losses to RM11.83 million from RM2.23 million the year before, as revenue climbed 43.3% to RM169.82 million from RM118.5 million.

As at June 1, 2020, Artroniq’s largest shareholders included Heng Kear Huat with a 22.84% direct stake and 6.19% indirect shareholding, followed by Pua Kong Hoi (21.19%) and Tee Han Seang (8.3% indirect stake).

Heng emerged as the largest shareholder of Plastrade in January 2020. The company changed its name to Artroniq in November last year.

In December 2020, the group proposed a private placement of 30% of its issued share capital to 375.61 million shares to raise up to RM30.77 million for working capital and future viable investment that has yet to be identified.

Prior to that, in October 2020, it completed a placement of 10% issued share capital that was proposed in July 2020, during which it raised RM3.68 million to support its new venture into the ICT business.

At its last close of RM1.05, the group has a market capitalisation of RM303.4 million.