termination

Global Invacom cancels $280 mil acquisition of Tactilis due to 'difficulties' meeting agreement terms

SINGAPORE (April 22): Global Invacom, has cancelled its proposed US$200 million ($280 million) acquisition of Tactilis due to “difficulties in fulfilling all of the conditions precedent” in the sale purchase agreement (SPA) it signed with the vendor last year.

With the termination also comes the cessation of 5% coupon-rate convertible notes meant to be issued by Tactilus.

Singapore Myanmar Investco's sale of TPR Myanmar crumbles over unmet terms

SINGAPORE (April 8): Singapore Myanmar Invesco’s (SMI) intended sale of its telecommunication infrastructure subsidiary, TPR Myanmar, to Tiger Infrastructure for US$10.8 million ($14.4 million) has fallen through after the latter failed to fulfil terms of the sale share agreement (SSA) .

Pine Capital hit by allegations of control lapses, conflict of interest; requests trading suspension

SINGAPORE (Mar 22): Pine Capital Group’s board of directors have asked for a trading suspension with immediate effect.

This comes after receiving “numerous allegations from various parties” concerning the group’s subsidiary, Advance Capital Partners Asset Management (ACPAM), including those of potential conflict of interest and possible lapses in internal control, since Jan 2019.

At the same time, Pine Capital says ACPAM received a Mar 19 notice of termination for a management agreement between Advance Opportunities Fund I (AOF I) and ACPAM.

Oxley's potential $950 mil deal falls through after Gracious Land defaults on $38 mil deposit

SINGAPORE (Mar 20): Oxley Gem, a subsidiary of Oxley Holdings, has terminated the letter of intent (LOI) it received from Gracious Land in Jan for the $950 million purchase of its Mercure and Novotel hotels, after not receiving a subsequent deposit of $38 million when it was due.

In a late night filing on Tuesday, the group says Gracious Land has requested for a refund of the initial $9.5 million deposit it paid for the two hotels on Stevens Road to Oxley Gem.

Second potential offeror rescinds expression of interest to acquire Procurri less than 24 hours later

SINGAPORE (Feb 8): Procurri Corporation says the second potential offeror to express interest in acquiring the company after New State Capital Partners LLC has now decided to terminate further discussions on the matter.

The update comes less than 24 hours after Procurri had received its second, unsolicited non-binding expression of interest (EoI) from an unnamed third party to acquire the company through a possible voluntary general offer.

HLH Group scraps $16 mil sale of D'Seaview Hotel on payment issues

SINGAPORE (Dec 12): Hong Lai Huat Group (HLH Group) is terminating its $15.7 million sale of D’Seaview Hotel, a component of the group’s mixed-use development project in Cambodia.

This is because buyer has failed to make fulfil the requisites for payment for the project after only making partial payment to HLH Group its Cambodian subsidiary PH One Development, the project’s vendor.  

The decision was arrived at after PH One sought legal advice from its Cambodian counsels.

Addvalue Technologies aborts share placement agreement with KGI Securities

SINGAPORE (June 19): Addvalue Technologies and KGI Securities (Singapore) have mutually agreed to terminate with immediate effect the placement agreement announced on April 30.

As placement agent, KGI was to help Addvalue find subscribers for up to 250 million new shares in the company at 4 cents each to raise $10 million.

However, Addvalue says it is in talks with a couple of investors for alternative funding arrangements, including but not limited to such investors taking up of a significant stake in the company.

Datapulse calls off $10.5 mil acquisition of Toa Payoh industrial property

SINGAPORE (Nov 14): Datapulse Technology has terminated its option to purchase an industrial property located in Toa Payoh for a consideration of $10.5 million, after failing to obtain an approval it required to proceed with the acquisition.

In a Tuesday regulatory filing to the SGX, Datapulse revealed it had on Sept 4 and Sept 22, received letters from the National Environmental Agency (NEA), both rejecting the company’s application for change of use of the property to “manufacturing of digital storage media”.

Vibrant announces termination of proposed sale of Changi South property to Sabana REIT

SINGAPORE (May 9): The proposed sale and leaseback of a four-storey light industrial building at 47 Changi South Ave 2, which Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) was originally intending to acquire from Vibrant Group, has been terminated.

Sabana REIT’s purchase of Changi South property from Vibrant draws scrutiny

Lifebrandz to continue search for new business after terminating acquisition

SINGAPORE (Feb 27): Lifebrandz says it will continue to explore, to source and discuss on new business transaction ventures with potential parties upon the termination of the proposed acquisition of Natural Essence Group.

Lifebrandz says it will also work with various professionals, service arrangers and business associates for recommendations and referrals to facilitate such business opportunities for the group and update shareholders on any further development.

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