July 8, 2021

Genetec Declines After Achieving Latest ‘All-Time High’ Record

 Genetec Technology Bhd's share price fell during the trading session on Bursa Malaysia this morning after hitting the latest high of RM18.50.

The decline was due to investors taking profits following the sharp rise in prices.

At 10.16am, Genetec's share price dropped by 3.78% to RM17.30, topping the list of losers during this morning's trading session.

At the beginning of trading today, Genetec was up 52 sen or 2.89% to its latest high of RM18.50.

At RM18.50, Genetec has a market value of about RM933.14 million based on the company's 20.44 million issued shares.

Genetec, in a filing to Bursa Malaysia, said the company had issued 100,500 new shares at RM1.37 per share following the exercise of options under the Genetec ESOS.

Genetec’s share price has risen sharply as most investors consider exposure to global demand for electric vehicles (EVs).

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.

On July 6, according to a Genetec notification to Bursa Malaysia, Khai Voon had increased his direct and indirect holdings to 18.288% comprising 9.23 million shares after acquiring 86,200 shares on the open market.