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Hatten Land terminates two proposed acquisitions
MALAYSIAN property developer Hatten Land has terminated two proposed acquisitions that were first announced late last year.
For the first proposed acquisition, the sale and purchase agreements between its wholly owned subsidiary Sky Win Management Consultancy, Rico Development Sdn Bhd (RDSB) and Rico Ventures Sdn Bhd (RVSB), have been terminated "by mutual agreement" on March 16.
"In view that the company's share price has weakened over time, the parties could not come to a mutual agreement on a revised issue price," Hatten said in a Singapore Exchange filing on Friday.
In November 2017, Hatten announced that it will acquire a 85 per cent stake in RDSB for RM46.8 million (S$15.8 million), as well as a 75 per cent stake in RVSB, for RM61.9 million.
The second proposed acquisition, which required the completion of the first acquisition to go through, was also terminated by mutual agreement on March 16.
In December 2017, Hatten announced that Sky Win was planning to acquire the remaining minority interests in RDSB and RVSB for about RM28.9 million.
Hatten said on Friday that the moves will not have any "material adverse impact" on the consolidated net tangible assets per share, and earnings per share of the company and the group for the financial year ending June 30, 2018.
The counter closed 0.1 Singapore cent higher at S$0.176 on Friday.