GENETEC

2.050

+0.02 (+1%)

OTHERS NEW ORDERS SECURED BY GENETEC TECHNOLOGY BERHAD

GENETEC TECHNOLOGY BERHAD

Type Announcement
Subject OTHERS
Description
NEW ORDERS SECURED BY GENETEC TECHNOLOGY BERHAD

NEW ORDERS SECURED BY GENETEC TECHNOLOGY BERHAD

 

Introduction

 

Genetec Technology Berhad (“Genetec” or “the Company”) is pleased to announce that the Group has secured new orders worth RM56.0 million.

The new secured orders are from the new and existing customers who are global players in the following industries:

 

 

Industry

Amount (RM Mil)

1

Electric Vehicle and Battery

             53.7

2

Automotive, Electronics, Semiconductor and Hard Disk Drive

               2.3

 

                                                                                   Total

             56.0

 

Secured orders period

 

The new orders were secured for the month of December 2020 and up to the date of this announcement from 13 customers for customized machines of assembly lines and supply of component parts in electric vehicle and battery, automotive, electronic, semiconductor and hard disk drive industries.

 

Scope of works

 

The tenure of each project normally ranges from 3 to 9 months depending on the size of order and time frame specified by customers. Scope of works will involve but not limited to concept design and detailed drawing, order and receiving of component parts, system fabrication and assembly, software coding and programming, factory setup & system testing and lastly installation, commissioning and acceptance by customers.

The secured orders are on project basis and we do not foresee any risk pertaining to the new secured orders.

 

Nature of the secured orders

 

The secured orders are in the ordinary course of business of the Group and are in the best interest of the Company.

 

Effects of the secured orders

 

The secured orders are expected to contribute positively to Genetec’s earnings for the financial year ending 31 March 2022.

The secured orders are not expected to have any material effect on the net assets per share of the Company for the financial year ending 31 March 2021.

 

Directors’ and major shareholders’ interest

 

None of the directors or major shareholders of Genetec, or any persons connected to them, has any direct or indirect interest in the above secured orders.

 

 

This announcement is dated 19 February 2021






Announcement Info

Company Name GENETEC TECHNOLOGY BERHAD
Stock Name GENETEC
Date Announced 19 Feb 2021
Category General Announcement for PLC
Reference Number GA1-18022021-00050