SINGAPORE – AVIC International Maritime Holdings Ltd (SGX:O2I) has disclosed that its proposed acquisition of Shanghai Catic Industrial Co Ltd has been terminated after failing to secure relevant regulatory approval.
In a disclosure to the Singapore Stock Exchange, AVIC International maritime Holdings Ltd (SGX:O2I) said the proposal has been terminated automatically because it failed to comply with the requirement to obtain the relevant regulatory approval from the government authorities in China.
“As the conditions precedent under the Sale and Purchase Agreements have not been fulfilled to date, the Company has by mutual agreement entered into two separate deeds of termination of similar terms with each of the Vendors today, pursuant to which each of the Sale and Purchase Agreements shall be terminated with effect on the same date,” AVIC International Maritime Holdings Ltd said in its disclosure.
Following the execution of the Termination Deeds, each of the Company’s and the Vendors’ respective obligations and liabilities under the respective Sale and Purchase Agreement shall cease.
AVIC International Maritime Holdings Limited is a Singapore-based investment holding company. The Company’s services include shipbuilding project management and consultancy, design and engineering, shipbuilding, ship trading related businesses, as well as engineering, procurement and construction services (EPC services). – BusinessNewsAsia.com