Corporate digest

Sinocloud Group

CATALIST-listed Sinocloud has cancelled its proposed acquisition of up to 45.95 per cent of China Satellite Mobile Communications Group, saying that conditions could not be satisfied or waived by the long-stop date of Sept 30.

It is now trying to get back about HK$24.7 million (S$4.6 million) it lent to some of the stake sellers in February 2014 and another HK$19.1 million "goodwill deposit" it gave certain stake sellers in July 2014, it said in a Singapore Exchange filing on Friday.