12 Jul 2017 - Penang, Malaysia - Technology company MQ Technology Bhd had seen over 70% changes of the board of directors within a short period of time. Details of the new board could be found at: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5484789
The market was concerned the entire board had resigned ahead of TEH ENG HUAT's "Recurrent Related Party Transactions", which is very similar to other transactions did by TEH ENG HUAT, using similar Modus Operandi, had raised a red flag. Did TEH's continuous transactions with MQ Tech causing the board uneasy and rush for the exit?
Former director TEH ENG HUAT who sold down right issue shares at 50% loss together with party acting in concert GOH BOON SOO @GOH YANG ENG in a rush ahead of the false statement published on local newspaper pertaining to potential Cambodia casino fraud is once again the focus of minority shareholder watch. TEH sold shares and resigned as executive director of MQ Tech the same day before the false statement ratification announcement was published raised eyebrow in the market.
TEH's transaction record from the cost of Right Issue subscription and sold within 2 months for 50% loss is almost RM4.5mil. (Appendix1)
The last announcement pertaining to TEH ENG HUAT's "recurrent related party transaction", using his position as a substantial shareholder of MQ Tech and executive director of MICROLEAD SDN BHD, according to Bursa announcement reads "Teh Eng Huat is a Director of Microlead and a substantial shareholder of MQ. He is also a Director and major shareholder of ZT". The artificial amount tied to the "machines" happens to be RM4.5mil.
Details of the RRPT could be found at:
http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=180037&name=EA_DS_ATTACHMENTS
On March 2013, TEH ENG HUAT's entry into MQ TECH and his shareholding in MQ TECH are timed coincidentally his position as shareholder and director of another public listed company. On November 2016 until January 2017, the strange subscription and disposal of Right Issue shares remain a mystery in the market although it's "apparently obvious", and there was no new development of the "Cambodia Casino project" except extension letters facilitating TEH's focus on getting paid for his "machines".
The market is concerned if the authority would like to give the minority shareholders some answers in the look of such obvious and dubious transactions. Securities Commission had previously commented "will update" to minority shareholders, yet, the latest RRPT dealing has already spooked the board to reshuffle and there is nothing the public shareholders can do about it except waiting for more answers.
Market News Buzz
Appendix1
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MQ Tech Shares & Warrants Bursa record. EH sold down MQ Tech shares at a loss as follows:
TEH ENG HUAT
19 Mar 2013 - EH appointed as MQ Tech Director
Direct Interest : 30,000 shares in MQ Technology Berhad
Indirect Interest : 14,300,000 shares in MQ Technology Berhad
27 Feb 2015 - EH has 14,980,000 shares (5.91% before consolidation)
30 Nov 2016 - EH Acquired 93,220,000 shares (Cost of RM9.322mil), total holding 100,960,000 shares (24.341%).
14 Dec 2016 - EH Sold 55,166,600 warrants (raise RM1.38mil), balance 6,980,088 warrants (3.804%)
5 Jan 2017 - Sold 47,651,800 shares (at RM0.05/shr or RM2.38mil), balance left 30,960,000 shares (7.464%)
Above shows that EH is buying MQTech right issue shares at RM9.322m
cost (at RM0.10/shares), and sold for RM4mil (at RM0.05/shares), within
30 Nov 2016 - 5 Jan 2017. Why a rush-to-cut loss?
27 Apr 2017 - To made up the RM5mil losses on shares, EH further
fabricated the "Related Party Transaction" to cause MQTech to "purchase
machines from himself", worth RM4.5mil
GOH BOON SOO @ GOH YANG ENG
7 Apr 2015 - EH nominee party acting in concert - GOH BOON SOO @GOH YANG ENG has 30,000,000 shares
28 Nov 2016 - GOH subscribed (bought) 87,250,000 right issue shares, cost RM8.725mil. Goh as total 103,000,000 shares.
21 Jun 2017 - GOH BOON SOO @GOH YANG ENG off-market disposal 40,000,000 shares
Above shows that TEH & his nominee GOH is buying MQTech right
issue shares and quickly sold all shares to hide away on some deadline.
TEH and GOH total owned 203,960,000 shares (OR combined 48% of MQ Tech paid up capital), a direct breach of Merger & Take Over Code (General Offer, GO) rules.
Source: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5484789
OTHERS MQ TECHNOLOGY BERHAD ("MQ" or "the Company") - Reconstitution of sub-committees of the Board of Directors
| MQ TECHNOLOGY BERHAD |
| Type | Announcement |
| Subject | OTHERS |
| Description |
MQ TECHNOLOGY BERHAD ("MQ" or "the Company")
- Reconstitution of sub-committees of the Board of Directors
|
|
The Board of Directors (“Board”) of MQ wishes
to announce that the Board at its meeting held on 12 July 2017 has
resolved to reconstitute its sub-Committees of the Board, namely Audit
Committee, Nomination Committee, Risk Management Committee and
Investment Committee.
Please refer to the file attached for details.
This announcement is dated 12 July 2017.
|
|
Please refer attachment below.
Announcement Info
| Company Name | MQ TECHNOLOGY BERHAD |
| Stock Name | MQTECH |
| Date Announced | 12 Jul 2017 |
| Category | General Announcement for PLC |
| Reference Number | GA1-12072017-00028 |
