Ni Hsin's proposed acquisition of Helios falls through
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Ni Hsin's proposed acquisition of Helios falls through
Ni Hsin's proposed acquisition of Helios falls through
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By Meena Lakshana / theedgemarkets.com | May 27, 2015 : 11:03 PM MYT
KUALA LUMPUR (May 27): Ni Hsin Resources Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s proposed acquisition of Helios Photovoltaic Sdn Bhd has fallen through after the heads of agreement (HOA) lapsed today.
In a filing with Bursa Malaysia today, M&A Securities Sdn Bhd, on behalf of Ni Hsin, said the HOA stipulated that relevant definitive agreements are to be finalised and entered into within sixty days from the date of the HOA (March 3) or such longer period as may be mutually agreed between the parties.
“Ni Hsin and one of the vendors, namely Lim Poh Sim had via a letter dated May 26, 2015 confirmed their mutual agreement that the HOA has since lapsed and has ceased to have force or effect (save and except for the confidentiality obligations in the HOA),” the filing read.
“The parties have no intention to pursue any further negotiations with each other in respect of the subject matter of the HOA.”
No reasons were provided for the decision of both parties not to pursue any further negotiations.
The proposal stated that Ni Hsin is to acquire the entire issued and paid-up share capital in Helios from the vendors of Helios for a purchase consideration to be determined later and shall be satisfied by the issuance of new shares of 20 sen each in Ni Hsin at an issue price of 38 sen per share.
Ni Hsin (fundamental: 1.85; valuation: 0.6) shares closed unchanged at 27.5 sen today, with a market capitalisation of RM63.51 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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