KUALA LUMPUR (April 20): Shares of Salutica Bhd were extending loss in morning trade, falling as much 27% to an intra-day low of 91.5 sen, erasing more than half of its steep gains since beginning of April, following the announcement of trial dates in relation to a legal battle with Apple Malaysia Sdn Bhd.

As at market break, the stock pared losses to trade at 94 sen, down 22 sen or 19%, being the fourth largest loser across all Bursa securities while ranking the fourth most actively traded counter on Thursday (April 20).

At current share price, the group is valued at RM400.91 million.

The stock had been gaining an upward momentum since end-March, and following a report by The Edge Malaysia over the last weekend that the group is involved in a legal dispute with Apple Malaysia over a wireless pairing patent, broader investors’ interest triggered a steeper climb up to Tuesday (April 18), propelling Salutica’s share price to a record high of RM1.65. 

Salutica, an Ipoh-based loss-making electronic component maker, is 50.6%-controlled by the Lim family via their private vehicle Blue Ocean Enlightenment Sdn Bhd.