Over a one-week period, the counter has swelled 98.06% — from 51.5 sen on Oct 24.

KUALA LUMPUR (Oct 31): Shares of loss-making Salutica Bhd maintained their upward trajectory on Tuesday after a week of consistent gains, breaching the RM1-mark to close at a six-month peak of RM1.02.

The counter rose to an intra-day high of RM1.04, before retreating to close at RM1.02, still up 17.5 sen or 20.71% — slotting it among Bursa Malaysia’s top gainers.

It saw 51.52 million shares traded — five times its 200-day average of 10.27 million shares — seeing it also sit among the bourse’s most active counters on Tuesday.

At RM1.02, the electronics component maker is valued at RM431.97 million.

Over a one-week period, the counter has swelled 98.06% — from 51.5 sen on Oct 24. In other words, a cumulative RM213.87 million has been added to the company’s market capitalisation over the past week.

The company’s share price last breached the RM1-mark back on April 25 with a closing price of RM1.05.

The sudden surge in Salutica’s share price and trading volume has prompted Bursa Malaysia to pose an unusual market activity query to the company.

The bourse operator asked the company if there were any corporate developments relating to its business that had not been previously disclosed which could account for the trading activity, or any other rumour or report concerning the business and affairs of the group, other possible explanations for the trading activity, and if it was in compliance with listing requirements on immediate disclosure obligations.

The previously thinly-traded counter piqued investors' interest this year with its legal dispute against Apple Malaysia Sdn Bhd concerning the latter's alleged patent infringement.

Court hearing of Apple’s protection order bid refixed to Nov 2

In a bourse filing on Tuesday, Salutica announced that a court hearing for Apple’s protective order application has been refixed to Nov 2, versus an initial date of Oct 26.

According to a prior filing dated Aug 23, the protective order is a precursor for parties to discuss an agreement to resolve the dispute.

“The court has also fixed the next case management date on Sept 6, 2023 for [Apple’s] application for the protective order for parties to discuss if an agreement can be reached,” the filing back in August read.

It is understood that a protective order is to preserve the confidentiality of information or documents to be disclosed by parties.

In the suit, Salutica is seeking aggravated and/or exemplary damages, an account of profits made by Apple and its related companies from all products that use the alleged infringing technology — Bluetooth pairing method — either within or outside of Malaysia.

Salutica was in the red for all four quarters of the financial year ended Sept 30, 2023 (FY2023), posting a full-year net loss of RM28.53 million on revenue of RM63.85 million.

On an annual basis, the company’s loss-making streak stretches back to FY2019.

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Salutica sees interest spike amid Apple patent infringement claim court case