PETALING JAYA: SWA Shipping Sdn Bhd is facing a deadline of Feb 25, as Pos Logistics Bhd is considering terminating the RM123.21mil deal for the acquisition of PNSL Bhd.
The deadline marks the point at which SWA Shipping has failed to meet its obligations under the sales and purchase agreement (SPA), said Pos Malaysia Bhd
in a filing with Bursa Malaysia yesterday.
Pos Malaysia said Pos Logistics, which is its indirect wholly-owned subsidiary, has issued a written notice requiring SWA Shipping to remedy the non-fulfilment within 30 business days, the period of which will end on Feb 25, 2025 (remedial period).
“If the purchaser is unable to remedy the non-fulfilment during the remedial period, Pos Logistics shall be entitled to exercise its right with the termination of the SPA and forfeiture of the deposit together with any interest earned thereon (if any),” it said. —Bernama
