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ARB announced that its wholly-owned subsidiary, ARB Agro Technology, has received an additional order to manage 2,000 acres of palm oil plantations in the Sabah region of Malaysia.
Shares of ARB IOT Group Ltd. (ARBB) surged by more than 14% in Thursday’s regular trading session after the company announced it bagged an additional order to manage palm oil plantations.
The company will manage the palm oil plantation through its wholesaler via the Smart IOT Palm Farming System. This is expected to increase its yearly recurring revenue of $13 million.
ARB announced that its wholly-owned subsidiary, ARB Agro Technology, has received an order to manage 2,000 acres of palm oil plantations in the Sabah region in Malaysia.
The company had earlier bagged an order to manage 3,000 acres of palm oil plantations in the Sabah region.
ARB plans to use its AI Smart IOT Palm Farming System towards this effort, which is expected to improve operational efficiency and enhance yields.
“We are thrilled to secure this additional order which serves as a testament to the trust and confidence our wholesaler partners have in our product,” said Dato’ Sri Liew Kok Leong, CEO of ARB IOT.
Earlier, the company had bagged a $45 million AI data center order to supply 500 units of its ARB-222 AI servers, sending the stock ripping.
Retail users expressed optimism about the deal, with one saying shorts will get squashed.
ARB’s stock has gained more than 203% in the last six months, but it is in the red over the past year, with a decline of more than 37%.
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