Genetec Technology Bhd's share price jumped to a new high in the trading session on Bursa Malaysia this morning after rising RM1.18 or 11.78% to RM11.20.
The surge came as investors considered the prospects of automotive experts on global demand for electric vehicles (EVs).
At 9.48am, Genetec's share price rose to RM10.92 after trading between RM10.18 and RM11.20 as of today.
At RM10.92, Genetec has a market value of about RM549.71 million based on the company's 50.34 million issued shares.
Genetec's share price yesterday jumped above RM10 for the first time.
Within a year alone, Genetec shares had risen to current levels from RM1.35 on July 2 last year.
The surge in Genetec's share price began since the end of May when its shares closed at RM3.69 on May 28.
On June 17, Genetec said in a filing to Bursa Malaysia that the firm had secured new orders worth about RM47.9 million from existing customers who are also global players in the 'electric vehicles and batteries as well as' hard disk drives, electronics. and semiconductors'
"The order is expected to make a positive contribution to Genetec's revenue for the financial year ending March 31, 2022," the company said.
Investors monitoring Genetec’s corporate developments have also noticed that its largest shareholder, Chen Khai Voon has increased its stake in the company in recent days.
Yesterday, according to a Genetec filing to Bursa Malaysia, Khai Voon increased his direct and indirect holdings to 18.163% after buying 260,100 shares on the open market.
