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Transactions (Chapter 10 Of Listing Requirements) : Non Related Party Transactions

BackMay 02, 2018
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description

GD EXPRESS CARRIER BHD ("COMPANY")
TERMINATION OF THE PROPOSED ACQUISITION OF 100% EQUITY INTEREST IN MBE BUSINESS CORPORATION SDN BHD AND MBE BUSINESS HOLDING SDN BHD ("PROPOSED ACQUISITION")

[Unless otherwise defined, the abbreviations and definitions used throughout this announcement are the same as those previously defined in the earlier announcements]

We refer to the Company’s announcements dated 1 March 2018 and 2 March 2018 on the Proposed Acquisition (“Announcement”).

As disclosed in the Announcement, the completion of the Proposed Acquisition is conditional upon satisfactory of all Conditions Precedent stated in the Conditional Share Sale Agreement dated 1 March 2018 (“Agreement”). As of 2 May 2018, the Company and the Sellers have arrived to an agreement that:

(a)        the Conditions Precedent were not fully satisfied as at the Cut-Off Date of 30 April 2018;

(b)        the parties have agreed that the Cut-Off Date will not be extended; and

(c)        the Agreement shall be deemed forthwith terminated in accordance with Clause 5.5 of the  Agreement.

Accordingly, the Company and the Sellers had on 2 May 2018 executed a confirmation letter confirming their mutual agreement to terminate the Agreement.

The termination of the Proposed Acquisition will not have any material impact on the existing business or financial position of the Company.

This announcement is dated 2 May 2018.

 



 


Announcement Info

Company Name GD EXPRESS CARRIER BERHAD
Stock Name GDEX
Date Announced 02 May 2018
Category General Announcement for PLC
Reference Number GA1-02052018-00086