Artroniq Berhad Finalises Strategic Private Placement and Initiates Notable Bonus Issue

The successful culmination of pivotal financial measures fortifies Artroniq's monetary position, providing a solid foundation for transformative growth.

PETALING JAYA (3 JULY 2023) - Artroniq Berhad ("Artroniq"), a key contender on the ACE Market, is pleased to announce the impending bonus issue - presenting two complimentary warrants for every two shares held - scheduled for an ex-date on 13 July 2023. Shareholders must maintain possession of the company's shares by this date to qualify for the bonus issue.

Simultaneously, Artroniq has efficiently completed a private placement of 65.65 million new shares, realising capital to the tune of RM36.80 million. These new shares are scheduled for transfer on 5 July, with trading commencing on 6 July.

With the integration of a fresh leadership panel last year, Artroniq has been actively spearheading extensive corporate restructuring efforts, inclusive of aggressive contract procurement, strategic mergers and acquisitions, and foray into the Electric Vehicle (EV) industry.

The execution of the private placement, in conjunction with the upcoming bonus issue, has augmented Artroniq's liquidity position considerably. This favourable scenario fosters an atmosphere of anticipation among shareholders, who eagerly await the company's evolution into an enterprise demonstrating robust fundamentals and premium quality in the latter half of the year.

The recent appointment of several senior executives from Artroniq to management positions within two other publicly listed companies has sparked considerable market curiosity.

Artroniq's Chief Financial Officer, Mr. Marcus Chin Choon Wei, has ascended to the position of Executive Director at both APB Resources (APB 5568) and Sarawak Consolidated Industries (SCIB 9237). He also expressed his outlook on the company’s position, "The successful completion of our strategic financial measures underscores our commitment to growth and transformation. This financial bolstering not only fortifies our current position but also acts as a launchpad for future corporate initiatives. We look forward to leveraging these strengthened fundamentals to fuel our expansion in the evolving EV sector."

"Our subsidiary AITech recently committed to assembling 7,000 'Reevo Bikes', a premium E-Bike line for Beno. This venture, backed by our robust cash reserves and potential private placement proceeds, marks a significant stride in Artroniq's expansion into the E-Bike sector," Mr. Marcus Chin Choon Wei, CFO of Artroniq, added succinctly.

Similarly, Mr. Ken Liaw Way Gian, CEO of Artroniq, has been designated as an Independent Director at SCIB and an Executive Director at APB Resources. Their expansive knowledge and seasoned experience from their tenure at Artroniq are anticipated to bring substantial value to these respective companies.