Mudajaya, Apollo terminate RKM Powergen deal

KUALA LUMPUR: Mudajaya Corporation Bhd (MCB) and Apollo Ventures Co. Ltd have mutually agreed to terminate their share sales and purchase agreement (SSPA) for the proposed disposal of MCB’s 7.07% stake in RKM Powergen Pte Ltd to Apollo.

MCB is a unit of Mudajaya Group Bhd (MGB).

In a filing with Bursa Malaysia on Tuesday, MGB said subsequently, both parties shall be released and discharged from their respective obligations, undertakings, responsibilities and liabilities under the SSPA.

The SSPA entails the proposed disposal of MCB’s 140 million ordinary shares in RKM to Apollo for a total cash consideration of US$19.5 million (equivalent to approximately RM76.6 million).

The company said the termination of agreement is not expected to have any material effect on the group and not subject to the approvals of the shareholders of Mudajaya or any government authorities.- Bernama