Rich Capital's term sheet with JV partner lapses

RICH Capital on Tuesday said a non-binding term sheet signed with its subsidiaries and Indonesian joint venture partner, Karya Indo Batam among other parties, has lapsed with no definitive agreements entered into as at the expiry of the execution period. The execution period was previously extended to Nov 30.

The term sheet was for the sale of a 30 per cent shareholding interest in Oxley Karya Indo Batam, a joint venture vehicle linked to Rich Capital.

Accordingly, the parties' respective obligations and liabilities under the term sheet have ceased, save for a customary clause on confidentiality which survives the expiry of the execution period, the company said.

It added that the lapse of the term sheet is not expected to have any material impact on the consolidated net tangible assets or earnings per share of group for the current financial year ending March 31, 2020.

Shares in Rich Capital have been suspended since June.