KUALA LUMPUR (April 8): ConnectCounty Holdings Bhd, which manufactures industrial cables and connectors, expects current year revenue and profit growth to mirror the preceding year's quantum on an expanding global connecter market.
Executive deputy chairman Ang Chuang Juay said global sales of interconnects was expected to grow by approximately 5.8% this year. He said such growth would positively impact ConnectCounty's business.
"We expect the growth momentum of our revenue and the bottom line last year to continue this year," Ang told reporters after the company's extraordinary general meeting (EGM) here today.
ConnectCounty's financials have improved. For financial year ended Dec 31, 2015 (FY15), it posted a net profit of RM2.64 million from a net loss of RM2.99 million a year earlier.
Revenue in FY15 grew 23% to RM64.87 million from RM52.61 million.
At the EGM, ConnectCounty shareholders approved the group's proposed rights issue of up to 800.99 million new irredeemable convertible preference shares (ICPS) at 2.5 sen each.
The ICPS will be issued on the basis of three ICPS for one existing share. The rights issue comes with up to 53.4 million free warrants on the basis of one warrant for every 15 ICPS.
At 12:30pm, ConnectCounty shares settled unchanged at 14.5 sen for a market capitalisation of RM31.41 million. The stock saw 540,500 shares traded.