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IPC's plans to sell hotel, acquire robot maker fall through

IPC Corp's plans to buy a maker of butler robots and to sell a hotel have hit a wall after preliminary agreements to finalise terms fell through.

IPC, which develops, invests in and resells properties in Singapore, China and Japan, announced on Sept 18 that it had entered into two heads of agreement deals with Xinyuan (China) Real Estate Co.

The first involved IPC disposing of its Grand nest HOTEL zhuhai to Xinyuan for about 200 million yuan (S$40.98 million).

Under the second deal, IPC was to buy from Xinyuan a 51 per cent stake in Beijing iJourney Technology Developent Co, a maker of butler robots, for about US$5.1 million payable in new IPC shares at about 40 Singapore cents each.

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Both parties had 30 days to finalise terms.

On Monday, IPC said that the heads of agreement deals "in relation to the proposed acquisition and the proposed disposal have lapsed and cease to have further effect between the parties".

The company did not give reasons for the lapse. It said that the lapsing of the deals is not expected to have any material adverse impact on the business operations and financial position of the company.

IPC shares were trading at S$0.03 or 6.7 per cent lower at S$0.42 as at 9.46am on Monday.