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Europtronic Group Ltd updates on proposed acquisition and disposal


Wednesday, 30 Jul 2014 05:23am EDT 

Europtronic Group Ltd:Refers to announcement dated July. 31, 2013 in which it had announced that it had entered into conditional sale and purchase agreement dated July. 29, 2013 (SPA).Says with All Sincere Limited, Manbon Limited, Longbest Co., Limited, Regalis Investments Pte Ltd, Max Tong, Lu Hong and Low Yew Shen (collectively, the Vendors) and Huang Chien Hung (Huang).Pursuant to SPA, it proposed to acquire from Vendors entire issued and paid-up share capital of Gold Impact Limited and dispose of entire interests in existing subsidiaries, associated companies, affiliated companies and businesses to Huang.Says on May. 12 and Sept. 30, 2013, announces that the Wujiang Economic and Technological Development Zone (PRC Authority) has expressed intention to compulsorily acquire land on which factory and office premises of wholly-owned subsidiary, Europtronic (Suzhou) Co., Ltd (Europtronic Suzhou).Says are erected for urban planning by the PRC Authority (compulsory acquisition).Informs to shareholders that as compulsory acquisition affects terms of SPA; and in view that negotiations of compulsory acquisition between Europtronic Suzhou and the PRC Authority have not been finalised.Company, the Vendors and Huang do not have any opportunity or any basis to revise the commercial terms of proposed transactions before or as at long stop date, being the date falling twelve months from date of SPA. 

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19 Dec 2014