KUALA LUMPUR (June 24): Genetec Technology Bhd continued its climb today, and touched a record high of RM7.04, amid optimism after the group announced last week RM47.9 million worth of new orders secured.
At 3.04pm, Genetec had pared its gains, although it was still up 47 sen or 7.4% at RM6.79, with some 1.83 million shares traded. Its market capitalisation stood at RM341.5 million.
Earlier, the counter gained as much as 72 sen or 11% to a record intraday high of RM7.04.
Genetec shares have been on an uptrend since the start of June, gaining about 83% month-to-date since its closing of RM3.70 on May 31. Year to date (YTD), it has surged 292%.
On June 17, the group announced that it had secured RM47.9 million worth of contracts from its existing customers in the electric vehicle (EV) and battery segment, as well as the hard disk drive, electronics and semiconductor industries.
It said the tenure of each project ranges between three and nine months, depending on the size of orders and time frame specified by the customer.
The scope of works involve concept design and detailed drawing, order and receiving of component parts, system fabrication and assembly, software coding and programming, factory set-up and system testing, as well as installation, commissioning and acceptance by the customers, it said.
Genetec also noted that Chen Khai Voon, one of its substantial shareholders, had been accumulating Genetec shares from the open market, acquiring a total of 1.03 million shares between June 18 and 22.
Chen’s total shareholding in the group stood at 8.8 million shares, equivalent to a 17.66% stake.