In response to UMA query, Artroniq says still in discussions with potential investment for new business

In response to UMA query, Artroniq says still in discussions with potential investment for new business
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KUALA LUMPUR (March 9): Artroniq Bhd, which was issued an unusual market activity (UMA) query by Bursa Securities, said it is still in discussions with potential investments for its new business.

In a bourse filing today, the company noted that it has been implementing changes such as the monetisation of assets of its manufacturing business which had ceased in the third quarter ended Sept 30, 2020 (3QFY20) as well as other non-core assets.

Artroniq also mentioned that it has been exploring options to identify suitable businesses and strategic acquisitions to expand the group’s business operations in the distribution of information and communication technology (ICT) products and related activities.

“The company is still in the midst of discussions on the above and will make the relevant announcements in accordance with the Bursa Securities LR [Listing Requirements] in the event of any material development pertaining to the above,” it said.

After having made due inquiries with all the group’s directors and major shareholders, the company said it is not aware of any corporate development and other possible explanations causing the heightened trading activity.

“The company is in compliance with the Bursa Securities LR, in particular Rule 9.03 of the Bursa Securities LR the immediate disclosure obligations,” it added.

Last Friday, the group was slapped with a UMA query from Bursa after its share price soared 30.43% or 24.5 sen to close at RM1.05 with some 61.32 million shares.

At noon break today, shares of Artroniq settled nine sen or 9.78% lower at 83 sen, bringing its market capitalisation to RM239.81 million.

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Artroniq slapped with UMA query as share price jumps 30%  

Lam Jian Wyn