Lending markets

Artroniq launches into money lending

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

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

The point-of-sale solutions provider said in a stock market filing on Friday July 22 that this was part of its ongoing efforts to find a new source of revenue for the group.

He added that the latest desired venture was considered after considering the growth prospects, especially of the alternative lending market, due to the strict lending requirements imposed by licensed financial institutions.

The directors of Paklin Venture Capital, Khoo Ai Foong and Khoo Ai Chern, are equal owners of the company whose main business is to provide financing and investment advisory services.

On Thursday, Artroniq announced the appointment of its chief financial officer Chin Choon Wei, who is the wife 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 capitalization of RM147.79 million.

Read also: Artroniq proposes to diversify into precision engineering