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8Telecom returns shares in Arete M, is classified as cash company
8TELECOM International has returned shares in Arete M Pte Ltd in exchange for cancelling the promissory notes relating to the acquisition of a 51 per cent stake in Arete M in 2016.
Arete M ceased to be a subsidiary of the company on Sept 4 this year. 8Telecom entered into an agreement with minority shareholders on Aug 20 to enable the company to return the shares in Arete M.
The board agreed to the return of the shares as the company was not in a position to pay on the promissory notes.
Since the firm has ceased all its business and currently has no operations, it has been classified as a cash company since Sept 4. 8Telecom said it will continue to explore other potential strategic acquisitions or new business.