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Ride The Bull Short The Bear
CS Tan
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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
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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.