KUALA LUMPUR (Jan 27): China Automobile Parts Holdings Ltd (CAP) is terminating the Memorandum of Understanding (MoU) to buy Master Tec Wire & Cable Sdn Bhd with immediate effect. The exercise also included a proposed exchange of CAP shares with Newco shares, proposed shares placement by Newco and a proposed transfer of listing status from CAP to Newco. CAP noted, the late issuance of Master Tec’s FY21 AFS may potentially delay the formulation of the proposed regularisation plan and its subsequent announcement and submission of the said plan. According to CAP, the termination of the MoU is not expected to have any financial impact on the company. CAP shares have been suspended from trading since June 8, 2017, after it failed to release its financial reports within the stipulated time.

Source: The Edge Markets January 27, 2022 20:17 UTC