MUDAJAYA Corporation Bhd (MCB) and Apollo Ventures Co. Ltd are terminating their share sales and purchase agreement (SSPA) for the proposed disposal of MCB’s 7.07% stake in RKM Powergen Pte Ltd to Apollo.
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 mil (approx. RM81.4 mil).
With MCB being a unit of Mudajaya Group Bhd (MGB), MBG said that both parties shall be released and discharged from their respective obligations, undertakings, responsibilities and liabilities under the SSPA.
The company also said that the termination of agreement is not expected to have any material effect on the group and is not subject to the approvals of the shareholders of Mudajaya or any government authorities.
As of 9.24am today, MGB’s share price dropped 3.64% to 26 sen, with a market capitalisation of RM176 mil – Sept 9, 2020