PETALING JAYA, July 30 – Artroniq Berhad (“Artroniq”), a prominent player on the ACE Market, has announced significant financial measures aimed at fortifying its monetary position and paving the way for transformative growth. The company has finalized a strategic private placement and initiated a notable bonus issue, which are set to enhance its liquidity and provide a solid foundation for future endeavors. The upcoming bonus issue will entitle shareholders to receive two complimentary warrants for every two shares held, with an ex-date scheduled for July 13, 2023.
Shareholders must retain ownership of Artroniq’s shares by this date to qualify for the bonus issue. This move aims to reward loyal shareholders and promote their continued involvement in the company’s growth. In parallel, Artroniq has successfully completed a private placement, issuing 65.65 million new shares and raising RM36.80 million in capital. The transfer of these new shares is scheduled for July 5, with trading expected to commence on July 6. The injection of additional capital through the private placement further strengthens Artroniq’s financial position, providing resources to support its strategic initiatives.
Having undergone corporate restructuring efforts and with the appointment of a new leadership panel, Artroniq has been actively pursuing aggressive contract procurement, strategic mergers and acquisitions, and expanding its presence in the Electric Vehicle (EV) industry. The execution of the private placement, combined with the forthcoming bonus issue, significantly enhances Artroniq’s liquidity, creating a sense of anticipation among shareholders. They eagerly await the company’s transformation into an enterprise with robust fundamentals and a reputation for high-quality offerings in the second half of the year.
The recent appointments of several senior executives from Artroniq to management positions in other publicly listed companies have garnered considerable market interest. Artroniq’s Chief Financial Officer, Mr. Marcus Chin Choon Wei, has been appointed as an Executive Director at APB Resources (APB 5568) and Sarawak Consolidated Industries (SCIB 9237). Commenting on the company’s position, Mr. Chin Choon Wei stated, “The successful completion of our strategic financial measures underscores our commitment to growth and transformation. These initiatives not only strengthen our current position but also serve as a launchpad for future corporate endeavors.
We look forward to leveraging our enhanced fundamentals to drive our expansion in the evolving EV sector.” Mr. Ken Liaw Way Gian, CEO of Artroniq, has also been appointed as an Independent Director at SCIB and an Executive Director at APB Resources. Leveraging their extensive knowledge and experience gained at Artroniq, both executives are expected to bring substantial value to their respective companies. Additionally, Mr. Chin Choon Wei highlighted Artroniq’s subsidiary, AITech, which recently committed to assembling 7,000 ‘Reevo Bikes,’ a premium E-Bike line for Beno.
This venture, supported by Artroniq’s strong cash reserves and the potential proceeds from the private placement, represents a significant milestone in the company’s expansion into the E-Bike sector. Artroniq Berhad’s strategic financial measures, including the private placement and bonus issue, lay a solid foundation for its growth ambitions. With strengthened fundamentals, the company is poised to make further strides in the EV industry and seize new opportunities, creating value for shareholders and contributing to its long-term success.
