KUALA LUMPUR: ManagePay Systems Bhd has aborted its plan to acquire a 51% stake in SignCharge Sdn Bhd for RM1 million, thus forfeiting its option to purchase 10% of SignCharge China. The mutual termination is mainly due to See not being able to fulfil the conditions precedent of the agreement. As settlement for the mutual termination, See paid ManagePay RM518,518.23. See had then granted an option to ManagePay to purchase 10% of SignCharge China, which is valid for one year from the date of the option. Upon the mutual termination yesterday, the sale and purchase agreement entered into between the parties is now null and void.

Source: The Edge Markets November 02, 2016 01:56 UTC