AKN Technology Bhd has called off the proposed acquisition of MEMSTECH Sdn Bhd to avert a change in the rating of its RM55mil bonds, expiring in December 2004, to BBB1 from A2.
Its group executive chairman Datuk Ahmad Kabeer Mohamed Nagoor said Ratings Agency Malaysia Bhd (RAM) had notified the company in mid-August that the bonds would be re-rated BBB1 should it go ahead with the acquisition of MEMSTECH.
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