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Axington drops plan to acquire Vesta Apex Trading after failing to win shareholders' approval

The deal was to have been the start of its pivot to the medical and consumer wellness sector

Singapore

AXINGTON Inc will not proceed with its proposed S$12 million acquisition of a Malaysia-based medical products distributor, after failing to obtain shareholders' approval for the deal.

In a regulatory filing on Friday, the Catalist-listed firm said conditions for the acquisition of the entire issued and paid-up share capital of Vesta Apex Trading have not been fulfilled or waived by the long-stop date, in particular approval from shareholders.

No further extension of time was agreed to by the...

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