Magnus Energy subsidiary scraps purchase of Goyes Agri-Food Investment

MAGNUS Energy Group on Thursday said that its subsidiary APAC Coal will not proceed with the proposed acquisition of Goyes Agri-Food Investment.

In a filing to the bourse operator, the group said that the Australian Securities Exchange (ASX) has advised APAC that due to the structure and nature of the transaction, it is unlikely that the merged group will meet ASX's requirements for admission to the official list of ASX.

APAC is listed in Australia.

In mid-2016, Magnus said that APAC would buy 100 per cent of the shares in Goyes Agri-Food Investment from Sharp Year Ventures for A$136 million (S$147.7 million).