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Poh Huat Resources Holdings Bhd Updates On Proposed Divestment Of Investment In Poh Huat Furniture Industries (qingdao) Co Ltd

Friday, 27 Sep 2013 05:38am EDT 

Poh Huat Resources Holdings Bhd referred to the announcement made on December 21, 2011 that it has entered into a equity transfer agreement with Qingdao Beacon Brewing, Co Ltd and the Government of Ducun Town, Jiaozhou for the disposal of its entire equity interests in Poh Huat Qingdao, a subsidiary of the Company for a consideration of CNY31 million. Prior to the signing of the Equity Transfer Agreement, the Purchaser has paid RMB2 million as earnest deposit. The balance of RMB29 million has/shall be settled as follows: RMB10 million shall be paid on or prior to the signing of the share transfer agreement; RMB17 million shall be paid upon the registration of the transfer of the contributed capital of Poh Huat Qingdao and remaining RMB2 million shall be paid by the Purchaser in full before June 30, 2013. Up to the date of this announcement, the Purchaser has paid a total of RMB17 million towards the purchase consideration. Prior to final due date of June 30, 2013, the Company has written to the Purchaser for settlement of the outstanding amount of RMB14 million. In view of the non-receipt of the Amount, the Company had on September 26, 2013, vide Messrs Grandall Law Firm (Beijing), filed a Statement of Claims, along with the cause papers and payment of the required statutory litigation fee, in/to the Qingdao City Intermediate People‚Äôs Court for the recovery of the Outstanding Amount, interests for the delay in payment of the Amount and associated legal and litigation fees. 

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