KUALA LUMPUR (Feb 23): Dagang NeXchange Bhd (DNeX) had its shares jump 9.68% to 68 sen on the Thursday (Feb 23) morning trade in Bursa Malaysia, settling at 65 sen at 9:48am.
At the time of writing, the group has 65.43 million shares traded — making it the third most active counter on Bursa after its last closing price stood at 62 sen on Wednesday (Feb 22).
This comes after a lawsuit against two DNeX subsidiaries in relation to a shareholders agreement signed in July 2021 was struck out on Wednesday, after a consent order was recorded in the High Court.
DNeX said the consent order will be effective until the full satisfaction of any final award given to TTCL in an arbitration, or until the date of the final award if TTCL’s claims are unsuccessful.
The suit was filed by Tethystronics Technologies Company Ltd (TTCL), whose application for an injunction against the two subsidiaries, DNeX Semiconductor Sdn Bhd (DSSB) and SilTerra Malaysia Sdn Bhd, was also struck out.
TTCL is a special-purpose vehicle ultimately owned by Beijing Integrated Circuit Advanced Manufacturing and High-End Equipment Equity Investment Fund Center (CGP Fund), which also holds a 40% equity interest in SilTerra. DNeX owns the remaining 60% stake in SilTerra, via DSSB.
The suit revolves around DNeX exercising its rights as a majority shareholder of SilTerra to appoint directors to SilTerra’s board via members’ written resolutions (MWR), a move which was contested by TTCL.