This is because the conditions stipulated in the agreements entered into were not fulfilled or waived as at the long-stop date of Dec 21. The agreements have “therefore lapsed” and the company will be retrieving its refundable deposit of $5 million.
On April 22, Ascent Bridge entered into share purchase agreements (SPAs) with OGHPL and OIPL. Under the SPAs, Ascent Bridge was supposed to acquire 80% of the shares in Octopus Distribution Networks Pte. Ltd. and Cape Exim Pte. Ltd. for $57.8 million from OGHPL. It was also supposed to acquire a 39.2% stake in Malaysia-incorporated Luen Heng F&B Sdn. Bhd for a consideration of $19.3 million from OIPL.
Shares in Ascent Bridge, which is in the SGX-ST’s watch-list, closed flat at 79 cents on Dec 22.
