Genetec Technology Bhd's shares on Bursa Malaysia surged during the early trading session after the company secured new orders worth RM47.9 million from existing customers in the electric vehicle (EV) and battery segments as well as hard disk drives, electronics and semiconductor industries.
At 9.47am, the counter gained 17 sen to RM5.20, with 131,200 shares changing hands.
Genetec said in a filing to Bursa Malaysia yesterday that the period for each project usually takes between three to nine months, depending on the size of the order and the schedule set by the customer.
"The scope of work will involve, but not be limited to, concept design and detail drawings, ordering and acceptance of component parts, system fabrication and assembly, software coding including programming, factory preparation, system testing, installation, commissioning and customer acceptance," he added. as reported by Bernama
The order was made on a project basis and the company did not anticipate any risks associated with the guarantee of this new order.
Genetec said the order is expected to contribute positively to its revenue for the financial year ended March 31, 2022.
