Quick take: MI Technovation shares at five months high

KUALA LUMPUR: Shares in MI Technovation Bhd rose to its highest in over five months in early trade Friday.

The counter advanced 2.32%, or 10 sen to RM4.41, its highest since early March 2021. Year-to-date, it has risen some 11.9%.

Mi Technovation Bhd subscribed for a 45 million yuan (RM29.36mil) increase in the capital of Talentek Microelectronics (Hefei) Ltd, as part of its efforts to set its foothold in the semiconductor final test segment in China.

The deal will see Mi Technovation, through its wholly-owned unit Suzhou Mi Equipment Co Ltd (Mi Equipment China), becoming a 22.64% shareholder in Talentek for nine million yuan, whereas another 36 million yuan will be utilised as capital expenditure and working capital.

Last week, Mi Technovation saw its net profit for 2QFY21 soared to a record high of RM26.1mil from RM18.18mil posted a year earlier, underpinned by higher sales revenue.

Revenue for the quarter grew 89.44% to RM117.29mil from RM61.92mil a year ago.

For the first six-month period ended June 30, its net profit grew 4.02% to RM29.62mil from RM28.48mil a year before. Revenue for the period rose 76.48% to RM171.47mil against RM97.16mil.

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