PIPE maker and distributor Sinopipe Holdings on Thursday said that it has terminated a proposed acquisition of Shanxi Bibenet Information Technology Co in a deal that would constitute a reverse takeover (RTO).

This is because certain conditions have not been fulfilled by Dec 31, 2019, being the deadline for satisfaction of the conditions according to the acquisition agreement.

"The parties have not reached any agreement or understanding to extend the long-stop date. After discussions and deliberation by the board, the board has decided that the company will no longer be pursuing the proposed acquisition," Sinopipe said. But it added that, in the meantime, it has received "a couple of preliminary expressions of interests to undertake certain corporate actions and transactions".

"The board is currently looking at the feasibility of going into any of such transactions and will, if deemed fit, enter into preliminary discussions with the relevant parties to explore further," Sinopipe said.