Broadway Industrial Group has announced that it has terminated the asset and share purchase agreement (SPA) in relation to the disposal of its hard disk drive (HDD) business on July 1.
Broadway Industrial had signed the SPA on Dec 31, 2020 for the disposal of its wholly-owned subsidiary BIGL Asia to the Seksun group of companies for a cash consideration of US$50 million ($67.22 million).
In its filing to the Singapore Exchange (SGX) on July 1, Broadway Industrial explains that the closing of the SPA was subject to the satisfaction or waiver of the conditions precedent by June 30, including the approval of shareholders to be obtained through an EGM.
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