PETALING JAYA: Tiger Synergy Bhd has aborted its binding term sheet with ASX-listed Quest Investments Limited (QST) for the acquisition of its Hong-Kong based stockbroking business, Quest Stockbrokers (HK) Limited.
“The company wishes to announce that Tiger and QST could not enter into the definitive agreement of the proposed acquisition due to the non-compliance of the listing requirements of Bursa Securities Malaysia by QST. Thus the transaction is aborted,” Tiger Synergy said in a Bursa filing.
The proposed acquisition was announced last year, and involved the acquisition of the entire equity interest in MQ Holdings Ltd, which in turn owns 100% of Quest Stockbrokers, for not less than HK$15 million.
The sale consideration of HK$15 million was to be satisfied through the combination of cash and issuance of new shares in the issued and paid-up capital of Tiger Synergy to QST.
source https://www.thesundaily.my/business/tiger-synergy-calls-off-agreement-with-quest-investments-XY2256541
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