PETALING JAYA: Boustead Holdings Bhd has terminated the shares sale agreement for the acquisition of eight million shares for RM20mil in PCF Engineering Sdn Bhd.
In a filing with Bursa Malaysia, the conglomerate said this was a mutual decision where Boustead and its vendors agreed to not further extend the period to fulfil the conditions precedent that expired yesterday, which had previously been extended to Nov 5 and Dec 15, 2014.
Boustead had on Aug 6, 2014, entered into a conditional shares sale agreement with PFCE, an integrated engineering and maintenance services provider for the oil and gas industry, which would have made PFCE an 80%-owned subsidiary and its subsidiaries, indirect subsidiaries of Boustead.
The remaining 20% equity interest in PFCE was supposed to be held by one of the vendors Datuk Abu Talib bin Mohamed, the brother of Tan Sri Abu Sahid Mohamed of the Maju Group.
Boustead said it did not foresee the failed deal to have material financial impact on the company.