The SPA, which was signed on June 6, stipulated that the consideration for the sale shares of Dean Fa Food Co came in at $95.15 million.
According to PSC Corporation, the termination came about as the closing conditions, including external approvals and corporate approvals, could not be completed.
As such, the company, Dean Fa Food Co, as well as the latter’s shareholders have mutually agreed to terminate the SPA.
Apart from the professional fees and other expenses related to the acquisition that were already incurred, the termination will have no financial material impact on PSC Corporation’s results for the FY2022 ending Dec 31.
See also: Patrizia, Mitsui invest US$350 mil in Singapore ‘cooling-as-a-service’ firm Kaer
Shares in PSC closed 0.5 cent higher or 1.39% up at 36.5 cents on Oct 14.
