KUALA LUMPUR: By the wrap of Thursday's morning session, G3 Global Bhd's share price was up 23 sen or 21.5% to a record-breaking high of RM1.30.
The stock has been on a tear since the start of the week, having put on 48 sen or 60% of its value since last Friday on high trading volume.
The price of its warrants has also surged in tandem, jumping 27 sen or 29% to RM1.20 a unit, and putting on 60% of its value since Monday.
On April 5, G3 appointed a new chairman, Wan Khalik Wan Muhammad, and managing director, Datuk Khan Mohd Akram.
Wan Khalik is also a substantial shareholder in DWL Resources Bhd and a former executive director in the company who was on April 8 appointed the executive chairman.
Wan Khalik and Khan also recently assumed control of private vehicle Global Man Capital Sdn Bhd, which currently has the largest stake in G3. It increased its holdings of G3 to a 32.04% equity interest following an acquisition of 32.15 million shares in April, edging out Green Packet Bhd with a 32% stake.
Global Man Capital was formerly controlled by G3's former executive chairman and current non-executive director Goh Kok Beng.
While the reason for the increase in share price and trading activity is unclear, the apparels and ICT group recently announced a collaboration with China's SenseTime Group Ltd to develop new artificial intelligence (AI) products and solutions in Malaysia.
G3 said in an April 11 statement that it will oversee all business development activities for SenseTime's products and technologies in Malaysia. In turn, SenseTime will provide technical support, products and technologies training to G3.
According to the statement, SenseTime recently became the world’s most valuable AI start-up with a valuation of more than US$4.5bil.
"Focusing on innovative computer vision, deep learning and AI for text, vehicle and facial recognition, SenseTime has collaborated with many strategic partners and clients, serving more than 400 well-known companies and government agencies including Honda, UnionPay, Xiaomi, OPPO, Weibo and many others," it said.
"G3 and SenseTime will embark on some key strategic opportunities in areas like national safety, security, surveillance, immigration, border security system, Know Your Customer (KYC), access control, smart mobility and connected vehicles."
In the financial year ended Dec 31, 2018, G3 posted a net loss of RM17.15mil, which was a wider net loss over RM12.8mil in the 17-month period of the preceding financial year, due to high business development costs in the ICT segment.