KUALA LUMPUR (April 12): Artroniq Bhd (previously known as Plastrade Technology Bhd) has proposed to acquire the remaining 49% stake in Artroniq Innovation Sdn Bhd (AISB) for RM14.7 million. The power cable and ICT products distributor said the acquisition will be satisfied via the issuance of 26.07 shares at 56 sen a piece. The vendors of the 49% stake are Heng Chip Hian and Seniq Kinetic, the group said in a bourse filing. “The board views the proposed acquisition as an opportunity for the group to further improve its financial performance by fully consolidating the financial results of AISB after taking into consideration, amongst others, AISB’s financial performance,” said Artroniq. Shares in Artroniq ended 13 sen or 12.50% higher at RM1.17 on Tuesday (April 12), giving the group a market capitalisation of RM371.86 million.

Source: The Edge Markets April 12, 2022 22:48 UTC