TAKASO (7071) - Takaso's plan to buy Dynavance for RM9.5m off
March 31, 2015 : 8:09 PM MYT
KUALA LUMPUR (Mar 31): Takaso Resources Bhd and Dynavance Construction Sdn Bhd have called off the shares sale agreement (SSA) that both parties entered into in October last year, which would have seen Takaso buying the entire shareholdings of Dynavance for RM9.5 million cash.
In a filing with Bursa Malaysia today, Takaso said both parties had, vide a deed of mutual rescission (DMR), decided to revoke the SSA with immediate effect.
Among the DMR terms were that Dynavance will release Takaso from due performance and observance of all its obligations and covenants under the SSA, and likewise Takaso was to apply the same to Dynavance.
The DMR also stated that Dynavance was to return the sum of RM950,000 being the refundable deposit under the SSA to Takaso within 14 days from today.
Takaso had in October last year signed a SSA with Dynavance’s shareholders to buy the entire shareholdings in the latter for RM9.5 million cash.
Takaso had said then Dynavance might contribute some 25% or more to Takaso's net profit, thus diversifying Takaso's businesses of condoms and baby care accessories manufacturing, to include construction and property development.
Both parties had then in December agreed to extend the time for the conditions of the SSA to be fullfilled to March 31, 2015.
Takaso said that the rescission of the proposed acquisition will not have any financial impact on the company.
“The company will continue to seek potential construction projects, in line with [our] strategic plan to grow and expand the our construction business, pending approval from our shareholders on the proposed diversification to include the construction business at the upcoming extraordinary general meeting on April 2, 2015," said Takaso in its filing with Bursa Malaysia today.
Takaso (fundamental:1.25; valuation: 0.3) shares closed up 3.5 sen or 7.45% today to 50.5 sen, with a market capitalisation of RM95.85 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
http://www.theedgemarkets.com
March 31, 2015 : 8:09 PM MYT
KUALA LUMPUR (Mar 31): Takaso Resources Bhd and Dynavance Construction Sdn Bhd have called off the shares sale agreement (SSA) that both parties entered into in October last year, which would have seen Takaso buying the entire shareholdings of Dynavance for RM9.5 million cash.
In a filing with Bursa Malaysia today, Takaso said both parties had, vide a deed of mutual rescission (DMR), decided to revoke the SSA with immediate effect.
Among the DMR terms were that Dynavance will release Takaso from due performance and observance of all its obligations and covenants under the SSA, and likewise Takaso was to apply the same to Dynavance.
The DMR also stated that Dynavance was to return the sum of RM950,000 being the refundable deposit under the SSA to Takaso within 14 days from today.
Takaso had in October last year signed a SSA with Dynavance’s shareholders to buy the entire shareholdings in the latter for RM9.5 million cash.
Takaso had said then Dynavance might contribute some 25% or more to Takaso's net profit, thus diversifying Takaso's businesses of condoms and baby care accessories manufacturing, to include construction and property development.
Both parties had then in December agreed to extend the time for the conditions of the SSA to be fullfilled to March 31, 2015.
Takaso said that the rescission of the proposed acquisition will not have any financial impact on the company.
“The company will continue to seek potential construction projects, in line with [our] strategic plan to grow and expand the our construction business, pending approval from our shareholders on the proposed diversification to include the construction business at the upcoming extraordinary general meeting on April 2, 2015," said Takaso in its filing with Bursa Malaysia today.
Takaso (fundamental:1.25; valuation: 0.3) shares closed up 3.5 sen or 7.45% today to 50.5 sen, with a market capitalisation of RM95.85 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
http://www.theedgemarkets.com
