KUALA LUMPUR (July 22): ACE Market-listed Artroniq Bhd has proposed the full acquisition of Paklin Venture Capital Sdn Bhd for RM1.6 million in cash as it spots growth prospects of the lending market in Malaysia.

Just a week ago, Artroniq Bhd had proposed to acquire a 60% stake in Penang-based Fujim Digital Sdn Bhd (FDSB) for RM12 million to diversify and include precision engineering and machinery parts manufacturing in its business.

The point-of-sales solutions provider said in a bourse filing on Friday (July 22) that this is part of its ongoing effort to find a new income source to the group.

It added that the latest desired venture was considered after taking into consideration the growth prospects particularly of the alternative lending market, due to the strict lending requirements imposed by licensed financial institutions.

Paklin Venture Capital directors Khoo Ai Foong and Khoo Ai Chern have an equal ownership of the business that is principally engaged in providing finance and investment consultation services.

On Thursday, Artroniq announced the appointment of its chief financial officer Chin Choon Wei, who is the spouse of the company’s non-independent non-executive director Tan Sing Yee.

Artroniq’s share price closed unchanged at 47 sen on Friday, giving it a market capitalisation of RM147.79 million.

Author: The Edge Markets
Source credit: theedgemarkets.com