Shares of WE Holdings soar on corporate plans
Company reports termination of HK acquisition, signing of 2 mining MOUs
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ELECTRONICS distributor WE Holdings gained 0.4 cent, or 13 per cent, to 3.4 cents yesterday, after a raft of announcements on its corporate plans.
Firstly, it said that its proposed US$7.4 million acquisition of Hong Kong-based electronics distributor Everbest Industrial (International) has been terminated as it remains uncertain as to whether all the conditions in its sale and purchase agreement could be fulfilled.
WE Holdings originally intended to make the acquisition in line with plans to expand its electronic and system business. Everbest mainly distributes, in China, electronic components of New York Stock Exchange-listed company Kemet Corporation. Its founder had undertaken to provide a net profit guarantee.
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