KUALA LUMPUR: ATA IMS Bhd
’s shares hit a restrict down in early commerce Friday following the termination of three contracts from Dyson.
The electronics manufacturing providers (EMS) supplier tumbled 36.59%, or 30 sen to 52 sen with over 15 million shares traded.
ATA has acquired discover of termination of the contracts by Dyson Operations Pte Ltd and Dyson Manufacturing Sdn Bhd.
The three contracts are the contract manufacturing settlement dated Oct 15, 2020, between Dyson Operations and ATA Industrial (M) Sdn Bhd (ATAIM), the settlement for the availability of products and providers dated March 1, 2013, between Dyson Manufacturing and ATAIM, and the framework settlement for the availability of products (tooling) dated June 17, 2009, between Dyson Manufacturing and ATAIM.
The corporate additionally mentioned it’ll proceed to fabricate and provide for Dyson till June 1, 2022, and that its board was wanting into the validity of Dyson’s termination discover.
The corporate famous that previous to the receipt of the notices of termination, it had been in discussions with Dyson concerning the findings of the audit.
“The corporate additional notes it had taken speedy steps upon being notified of the abstract of the audit to have interaction Dyson in discussions and to have interaction skilled advisers to help the corporate to overview, confirm and validate the findings of the audit.
“However the receipt of the notices of termination, the corporate will proceed to actively look into the findings of the audit,” ATA mentioned.
