DNeX owns the remaining 60% of SilTerra. In March 2021, Khazanah Nasional Bhd sold then loss-making SilTerra to DNeX and the China-based equity fund for RM273 million cash.
DNeX and CGP Fund have committed to a capital injection of at least RM200 million by way of subscribing for new shares to be issued by SilTerra. Based on DNeX’s 60% stake, the capital injection by DNeX will amount to about RM120 million.
Both parties sought to opt for the issuance of irredeemable convertible preference shares (ICPS) in DNeX Semi, amounting to RM100 million, to be issued to and subscribed by MIMAS. This would result in MIMAS holding a 33% stake in DNeX Semi.
The point of contention is whether prior approval is needed from the Ministry of International Trade and Industry (MITI) for the proposed investment.
MIMAS is of the view that such approval was not required and maintains that the shareholders agreement and subscription agreement, both dated Jan 21, 2022, are valid and enforceable.
However, DNeX disagrees.
“Vide MITI’s letter dated Feb 28, 2022, DNeX and CGP learned that prior approval from MITI was required in relation to the proposed investment,” said DNeX in the filing.
“DNeX and DNeX Semi consider such approval as necessary, more so in light of the terms and conditions of the shareholders’ agreement and subscription agreement which provide for MIMAS becoming a shareholder upon issuance of the ICPS and not their conversion. If so, this puts the [manufacturing] licence, and thus the operations of SilTerra, at risk.”
DNeX and DNeX Semi will seek the necessary relief to have the shareholders agreement and subscription agreement declared null and void.
Nonetheless, it said it does not expect any material financial impact from the commencement of the arbitration proceeding, other than legal cost to be incurred.
“SilTerra remains a 60%-owned subsidiary of DNeX Semi, which in turn is a subsidiary of the company. No material operational impact is expected [to] arise from the arbitration,” it added.
Actually we should thanks to this drama because dnex will be more volatile daily , more adventurer will speculate n goreng dnex share to earn fast money , if dnex one day can up down 20 - 30 sens i wont surprised !
Another scenario : You and 3 others using deadly weapons to rob a bank. Later, you hold a press conference and say, "...it's just a minor mis-understand"...??? Huh???
What fudamental left? CEO & his team MUST ecplain to SH why? When oil price Good, very little eps & No Dv, where the money goes to? When oil price falls, panic.... Chips are still in shortage; only those 7nm down. So where is Seterra? DNEX should NOT have gone into this business as they do NOT have the ability to make chips. That's why a big hole is burnt now....
utes ago
kllady_fidah
mere temp SH misunderstanding.. fundamental remain intact. Panic Buy nx week
2 scenarios: 1) if limit down again on Monday, buy the limit down price wait for rebound & sell, 2) if rebound on Monday, buy and ride with the trend, & sell.
Just a small peanut misunderstanding issue , next week share price will jump back to above 80 sens ! Big shorties already collect all panic sell tickets on friday to goreng the price up multibagger !
DNEX current price target is an average from 2 analysts. New target price is 179% above last closing price of RM0.51. Stock is down 39% over the past year.
Actually, everyone knows the politic situation in Malaysia consider a bizarre, rightly almost most of the stock just reacting only accrding with Eearning, believe in earning report rather than external factor.
SILTERA BUSINESS DOING WELL IS NOT BECAUSE OF DNEX,........IT IS CPG BROUGHT IN THE BUYERS FOR SILTERA PRODUCTS,.......WITHOUT CPG SUPPORT, SILTERA ARE RUBBISH,.......DNEX MUST UNDERSTAND,.......JUST OBEY THE BOSS
Tomorrow 8.30am first thing to do is sapu all dnex tickets n dump all genting , genm , bjtoto ,magnum related shares ! PN + GPS + SABAH = Malaysia new government , Abah = new PM Azmin = minister of economy (remain) ! The limit down or dispute show already end , it s time for dnex to skyrocket after Abah become new PM !
LGE last time big mouth arrogant look down Sarawak politician say they will bankrupt , this time need their help to form government but people also lazy to entertain PH !
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Mabel
23,941 posts
Posted by Mabel > 2022-11-18 22:07 | Report Abuse
DNeX owns the remaining 60% of SilTerra. In March 2021, Khazanah Nasional Bhd sold then loss-making SilTerra to DNeX and the China-based equity fund for RM273 million cash.
DNeX and CGP Fund have committed to a capital injection of at least RM200 million by way of subscribing for new shares to be issued by SilTerra. Based on DNeX’s 60% stake, the capital injection by DNeX will amount to about RM120 million.
Both parties sought to opt for the issuance of irredeemable convertible preference shares (ICPS) in DNeX Semi, amounting to RM100 million, to be issued to and subscribed by MIMAS. This would result in MIMAS holding a 33% stake in DNeX Semi.
The point of contention is whether prior approval is needed from the Ministry of International Trade and Industry (MITI) for the proposed investment.
MIMAS is of the view that such approval was not required and maintains that the shareholders agreement and subscription agreement, both dated Jan 21, 2022, are valid and enforceable.
However, DNeX disagrees.
“Vide MITI’s letter dated Feb 28, 2022, DNeX and CGP learned that prior approval from MITI was required in relation to the proposed investment,” said DNeX in the filing.
“DNeX and DNeX Semi consider such approval as necessary, more so in light of the terms and conditions of the shareholders’ agreement and subscription agreement which provide for MIMAS becoming a shareholder upon issuance of the ICPS and not their conversion. If so, this puts the [manufacturing] licence, and thus the operations of SilTerra, at risk.”
DNeX and DNeX Semi will seek the necessary relief to have the shareholders agreement and subscription agreement declared null and void.
Nonetheless, it said it does not expect any material financial impact from the commencement of the arbitration proceeding, other than legal cost to be incurred.
“SilTerra remains a 60%-owned subsidiary of DNeX Semi, which in turn is a subsidiary of the company. No material operational impact is expected [to] arise from the arbitration,” it added.