Electronic manufacturing services firm ATA IMS Bhd (KL:ATAIMS) has proposed to change its company name to Wavefront Bhd.
The proposed name change is subject to shareholder approval at an extraordinary general meeting to be scheduled at a later date, according to the company’s filing with Bursa Malaysia.
In the quarter ended December 31, 2024 (3QFY2025), ATA IMS returned to profitability, posting a net profit of RM561,000 compared to a net loss of RM9.4 million in the same period the previous year.
The company has faced financial challenges since its contracts with British home appliance maker Dyson were terminated in June 2022 amid allegations of forced labor at ATA IMS’s factories. Dyson, known for its vacuum cleaners and hair dryers, was ATA IMS’s largest customer at the time.
ATA IMS recorded an annual net loss after tax of RM12.15 million in FY2022, which worsened to RM254.63 million in FY2023 before narrowing to RM105.03 million in FY2024.
Shares of ATA IMS closed up one sen or 3.6% to 29 sen on Wednesday, giving the group a market capitalization of RM349 million.
