Corporate digest

Memstar Technology

MEMSTAR Technology on Thursday converted its trading halt - which was implemented on Monday - to an immediate voluntary suspension pending the outcome of negotiation on revising key terms of a proposed reverse takeover deal with Longmen Group.

In a statement to the Singapore Exchange, Memstar said discussions were preliminary at this stage and advised shareholders that there was no certainty that the parties would be able to reach an agreement. The membrane manufacturer had proposed to acquire all of Longmen Group, a natural gas developer, for US$420 million in an all-share deal last December. It has since signed three supplemental agreements between February and July this year on the proposed deal.