Dnex share price dives on contract wrangle

PETALING JAYA: The share price of Dagang Nexchange Bhd (Dnex) lost a third of its value, plunging from 75.5 sen to close at 50.5 sen yesterday after news that its wholly-owned subsidiary Dnex Semiconductor Sdn Bhd has commenced arbitration proceedings against Hong Kong-based Mimastronics Technologies Company Ltd (Mimas).

Mimas is a fully-owned subsidiary of Tethystronics Technologies Company Ltd, a special purpose vehicle ultimately owned by Beijing Integrated Circuit Advanced Manufacturing and High-End Equipment Equity Investment Fund Centre (CGP).