It will no longer buy Aik Chuan Construction and its subsidiaries.
Allied Technologies has terminated its memorandum of understanding (MOU) with Lim Yew Ming for the proposed acquisition of the entire issued share capital of Aik Chuan Construction and its subsidiaries for a total of $130m, a filing with the Singapore Exchange (SGX) revealed.
Allied Technologies has first received a letter of intent (LOI) for the proposed acquisition of the issued share capital from Lim Yew Ming in April. Lim Yew Ming represented in the LOI that he owned 100% of the entire issued share capital of Aik Chuan Construction, a development and dormitory operator which has been in operation since the 1980s and is said to have one of the largest dormitory operations in Singapore.
The total consideration would have comprised $30m and $50m to be paid in cash, whilst the balance consideration would have been satisfied by issuing and allotting new ordinary shares at a price not exceeding $0.01 apiece.
The MOU was mutually terminated by the parties with effect from 22 May.
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