Tanco and Sosco term sheet a no-go

PETALING JAYA: Tanco Holdings Bhd announced the term sheet agreement between itself and Pertubuhan Keselamatan Sosial (Perkeso) – supposedly for subscription by Perkeso for redeemable preference shares (RPS) in the former – has collapsed.

In a filing with Bursa Malaysia, Tanco said it received notification from Perkeso saying that since both parties were unable to finalise and execute the transaction documents of the term sheet on or before the cut-off date of Mar 31, the term sheet has accordingly automatically terminated as of Apr 1.Therefore the term sheet is null and void, as prescribed in the terms of the supplemental term sheet.