| Miscellaneous | |
| * Asterisks denote mandatory information | |
| Name of Announcer * | ITE ELECTRIC CO LTD |
| Company Registration No. | 198201457Z |
| Announcement submitted on behalf of | ITE ELECTRIC CO LTD |
| Announcement is submitted with respect to * | ITE ELECTRIC CO LTD |
| Announcement is submitted by * | Seah Hai Yang |
| Designation * | Company Secretary |
| Date & Time of Broacast | 08-Apr-2008 19:57:48 |
| Announcement No. | 00179 |
| Price Sensitivity | Yes |
| >> Announcement Details | |
| The details of the announcement start here ... |
| Announcement Title * | TERMINATION OF THE CONDITIONAL SALE AND PURCHASE AGREEMENT DATED 16 JULY 2007 (THE "SALE AND PURCHASE AGREEMENT") IN RELATION TO THE PROPOSED ACQUISITION BY ITE ELECTRIC CO LTD OF THE ENTIRE ISSUED AND PAID-UP CAPITAL OF FANWO ELECTRONIC COMPANY LIMITED (THE "PROPOSED ACQUISITION") |
| Description | ITE Electric Co Ltd (the "Company") wishes to refer to the announcement made on 16 July 2007 in relation to its proposed acquisition of the entire issued and paid-up share capital of Fanwo Electronic Company Limited ("Fanwo") from Meng Fan Hua and Jiang Jiu Jun (the "Vendors"). The Board of Directors of the Company (the "Board") wishes to announce that, after careful consideration, the parties to the Sale and Purchase Agreement have decided not to extend the long-stop date for the completion of the proposed acquisition. The Sale and Purchase Agreement had therefore lapsed as at 31 March 2008. The parties have on 8 April 2008 entered into a deed of termination (the "Deed of Termination") to formally terminate the Sale and Purchase Agreement. Under the terms of the Deed of Termination, it is provided, inter alia, that the Vendors and Fanwo shall be jointly and severally liable for all professional fees incurred by the Company in connection with the Proposed Acquisition. By Order of the Board Ho Cheng Leong Chief Executive Officer 8 April 2008 |
© 2008 SGX News
