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Local listed company Multi-Code Electronics Industries (MCE) has secured a five-year contract worth RM240 million from Proton, which has immediately boosted MCE’s shares up by 23.81%, The Edge Markets reports. In summary, the contract underlines that MCE will be the primary supplier of electronic parts to the local automaker for a period of five years.

In its filing to Bursa Malaysia, Multi-Code details that it will supply Proton vehicles with anti-theft systems, parking sensors, power regulator systems, function switches and ignition key set systems from the start of the second and third quarters of this financial year, ending July 31, 2016. The initial investment outlay for the projects from Proton is estimated at RM1.55 million.

Multi-Code Electronics company outline-01

Headquartered in Johor, MCE commenced operations in the year 1990, with the manufacturing and supply of automotive alarm systems, central locking and power window regulators. Today, the company specialises in the design, manufacture and supply of automotive electronics and mechatronic parts for both Malaysia and other regional markets, its website states.

On another note, MCE reported an audited net loss of RM1.07 million against a revenue of RM90.03 million in the financial year of 2015. Additionally, the company announced that in its latest quarterly results ending October 31, 2015, that it made a net profit of RM143,000 compared to a net loss of RM1.84 million in the previous year. It courted higher revenue of RM22.41 million, up 10.23% compared to before.