Esmart Holdings (5CY.SG) +33.3% at 2 cents on above-average volume as interest in otherwise thinly-traded stock piqued by potential turnaround in business fortunes via reverse takeover involving 2 of Atlan Holdings’ (7048.KU) Malaysia assets, says Dow Jones.

“Hopefully with this deal in place, Esmart will return to profitability and attract greater investor interest,” says a trader at local brokerage.

Distributor of intermediate electronic products will fund MYR670.6 million ($284.4 million) acquisition of Atlan’s DFZ Capital (5177.KU), Darul Metro via new shares, warrants, resulting in Atlan owning 96.24% of Esmart, which incurred FY09 net loss of $5.4 million.

Atlan +1.5% at MYR3.30, DFZ +6.4% at MYR3.48.