Proposed Disposal of 49% Equity Interest in Cross Continental Investment ("CCI") And 813,802 Preference Shares In Palm Tech India Limited ("Palm Tech") For A Total Cash Consideration Of RM24,000,000.00 ("Proposed Disposal")
BackJul 11, 2007
| General Announcement |
| Reference No CC-070710-41961 |
| Company Name |
:
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SALCON BERHAD |
| Stock Name |
:
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SALCON |
| Date Announced |
:
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11/07/2007 |
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| Type | : | Announcement |
| Subject | : | Proposed disposal of 49% Equity Interest in Cross Continental Investment ("CCI") and 813,802 Preference Shares in Palm Tech India Limited ("Palm Tech") for a total cash consideration of RM24,000,000.00 ("Proposed Disposal") |
Contents :
The announcement dated 3 July 2007 refers.
Salcon Berhad ("Salcon") wishes to inform that Salcon Engineering Berhad ("SEB"), a wholly-owned subsidiary, has on 10 July 2007 entered into a deed of revocation with Palm Tech India Limited and Nova Trading Private Limited to revoke the Early Redemption Agreement ("the Agreement").
The Agreement was revoked due to unforeseen reason of the procedural requirements in obtaining the requisite approvals from the relevant authorities remaining unsettled, which was one of the conditions for completion of the Proposed Disposal.
This announcement is dated 11 July 2007.