(Yicai Global) June 11 -- GRG Banking Equipment’s stock price surged as much as 4 percent today after the Chinese leading manufacturer of automatic teller machines received a USD16.7 million order from Mexico’s largest financial institution.

The firm’s stock price [SHE:002152] closed up 2.03 percent at CNY12.04 (USD1.89) per share. Earlier in the day it had reached CNY12.27.

GRG’s Mexican unit GRG Hong Kong Mexico will supply ATMs and self-service banking equipment to BBVA Bancomer as well as after-sales services, the Guangzhou-based company said today. The order will be completed before year-end, it added.

The value of the order is equivalent to 16.42 percent of GRG’s international business revenue last year and 1.66 percent of its total revenue, it said.

This is the fourth straight year that GRG has received orders for self-service banking equipment from Madrid-based BBVA’s Mexico division. It will enhance the firm’s presence and reputation in the Americas and even the global market to create more opportunities for business expansion in more countries in the future, it said.

Editor: Kim Taylor