Edelteq and five of its subsidiaries were served with a Writ filed by Mi Technovation Berhad ("Mi Group”) in the High Court of Pulau Pinang Civil Suit No. PA-22NCC-49-07/2023 for: 1. inter-alia alleged breach of confidential information 2. copyright infringement 3. patent infringement 4. conspiracy to injure and unlawful interference with trade.
On the same day, Edelteq and its five subsidiaries were served with an Anton Piller Order (“APO”) which was granted ex-parte (motions for orders that can be granted without waiting for a response) by the Penang High Court on 27 July 2023.
On 8 November 2023, the Edelteq’s subsidiary, Edelteq Ventures Sdn. Bhd. (“EVSB”) was served with a Notice of Application dated 1 November 2023 (“Committal Application”) filed by the Mi Group. The Committal Application alleged that EVSB and 3 others had disobeyed the APO and have committed acts of contempt. APO is the order grants by the court to Mi Tech and their independent experts to have full access of all the Edelteq premises and factories to search for specific items relevant to the case.
3 others who disobeyed the APO are namely: 1. Mr. Chin Yong Keong, Executive Director & Group CEO (Former Mi Tech COO) 2. Mr. Khong Chee Seong, Executive Director & Business Unit Director 3. Mr. Ang Shi Jie, Senior Mechanical Design Engineer (Former Product Development Engineer)
Edelteq needs to file its Affidavit in Reply to the Committal Application. The hearing of which has been fixed on 24 January 2024.
Anyone who buy or push the price before the judges result is confirm goreng. The funny is hearing stage only start on 24 Jan 2024. Remember judges is out of our league, no more have insider this, insider that. Dont be a silly bomoh shaman.
cant deny a decline on q to q comparison basis. But overall a good result compared to previous q ended 12/2023, 09/2023 and 06/2023. Its how you read it as business performance should be on month to month progressive basis. Also noted decline in bank borrowings and progress of batu kawan factory.
After their IPO, Edelteq's performance has been relatively subpar. The company did mention to venture deeper into semiconductor tools refurbishment business but there are no proper business updates.
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....
nelsonlim
699 posts
Posted by nelsonlim > 2023-11-07 15:45 | Report Abuse
Told u so