Our website is made possible by displaying non-intrusive online advertisements to our visitors.
Please consider supporting us by disabling or pausing your ad blocker.
Somebody here mentioned about ISO Technology Sdn Bhd which a subsidiary of Globetronic Technology Bhd secured a contract worth USD 7.59mil with Kaynes Semicon Private Ltd, a subsidiary of Kaynes Technology India Ltd. I did some research on this company and also what is this deal is all about. Look what I found.
Upon the completion of this contract, Globetronic will use USD 5.28mil from what they earn from this contract to buy Kaynes Semicon shares. Globetronic and Kaynes Semicon agreed to provide an exit strategy through IPO or a strategic sale in 3 years time at minimum price of USD5.28mil or more.
This Kaynes Semicon, a semicon arm of Kaynes Technology is targeting 13 chip assembly and test lines over 1.5-2 years with a volume of 1 billion chip per year. Kaynes is building its semiconductor business and open to expand in other states. Kaynes already started building a plant in Telangana, Gujerat, India to serve automobile electric vehicles, consumer electronics, telecom, mobile phones industrial segments to cater demands from American chip giant's MICRON, Lightspeed Photonics from Singapore, Taiwan and Philippines.
According to The Edge, Singapore, India and Malaysia (where Globetronic is working hand in hand with MDEC) are among Asian economies that have emerged as beneficiaries and semiconductor business is on track to hit USD588 billion sales this year.
Globetronic's new OWNER maybe young but they are soo WILD!!
the ex founder michael also got hand in this scandal, he wanted to exit this business because company revenue dropping due to slow sales of iphone for the past few years
but the company got rm200m in cash and he is eyeing this money, but he cannot take it out because its a listed company and not company bapak dia, and the only way to cash out this 200m is to give it out as dividend, which he will end up receiving only 20m based on his shares, and other shareholders will surely stop
Last night, Harry Teo has mentioned in his live how to detect if a company is cooking the books without specifically labelling any counter. Hope y'all be smart and stay safe when investing. There are always crook counters getting caught red handed once in a while.
Crooks leave trails everywhere. their modus operandi are the same. Somebody here already given us a list of names. You can find them here in other COMMENT section. You can also find them in The Edge Malaysia which made good investigative report on the matter mentioned.
Present Board of Directors and senior key personnel are not in the list.
Talking so much won’t change anything. History proves it all. While the situations may not be the same, the outcome is always similar. Just look at SCIB, Artroniq, Bintai, Serbak, and APB.
If those guys are good, they should have a growing company but why don’t they? Plus this company has $200 million in net cash which is very appealing. They could borrow more from the bank turning it into a highly leveraged company then acquire another company with net cash and continue the cycle...