PETALING JAYA: Ekovest Bhd
has called off its proposed acquisition of Credence Resources Sdn Bhd after a heads of agreement (HOA) with Tan Sri Lim Kang Hoo lapsed.
In a filing with Bursa Malaysia, Ekovest said the HOA to explore and negotiate the proposed Credence acquisition expired on Jan 26, 2026, after the final extension period ended, as mutually agreed by both parties.
“The parties mutually agree to fully release and discharge each other from all their respective obligations and liabilities under, arising from or in connection with the HOA,” Ekovest said.
Ekovest added that the lapse of the proposed acquisition is not expected to have any material impact on the group’s financial position, operations, legal standing or risk profile.
The proposed acquisition, initiated on Oct 28, 2023 involves the purchase of a 70% stake in Credence for a consideration of RM1.15bil.
