Unless otherwise defined, capitalized terms and references used herein shall bear the same meaning ascribed to them in the Company's announcement dated 30 January 2014, 14 February 2014, 2 June and 18 September 2014 relating to the proposed acquisitions of shares in SingYaSin Holdings Pte. Ltd.and SCT Technologies Pte Ltd (collectively, the "Announcements").
The board of directors ("Board") of WE Holdings Ltd. (the "Company" and together with its subsidiaries, the "Group") refers to the Announcements, and wishes to announce that the Company, Terence Tea Yeok Kian, Bobby Lim Chye Huat and Ng Cheng Chuan (collectively "the parties") have today entered into a Termination Agreement pursuant to which the parties agree to terminate the Sale and Purchase Agreement dated 29 Jan 2014 and the two Supplemental Agreements dated 14 Feb
2014 and 2 June 2014 between the parties with immediate effect.
Upon the signing of the Termination Agreement, each party shall release the other party from all that party's obligations under the Sale and Purchase Agreement and, neither party shall have any rights or claims against the other under the Sale and Purchase Agreement save as the Vendors shall refund the Deposit to the Purchaser.
In view of the proposed disposal of WE Components Pte. Ltd. to Jubilee Holdings Ltd, the Company is of the view that the acquisition of the SingYaSin Technologies Pte. Ltd and SCT Technologies Pte Ltd will no longer be complementary and synergistic to the future direction of the Group.
None of the directors, substantial shareholders and controlling shareholders of the Company have any interests in the Termination Agreement, save as Terence Tea Yeok Kian, the Company's Chairman, is one of the Vendors.
The Termination Agreement has no material financial impact on the earnings per share and net asset value of the Group for the financial year ended 31 March 2015.
By Order of the Board
Kelvin Tan
Lead Independent Director
29 January 2015
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, RHT Capital Pte. Ltd. (the "Sponsor") for compliance with the relevant rules of the SGX-ST. The Sponsor has not independently verified the contents of this announcement.
This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is:-
Name: Ms Amanda Chen, Registered Professional, RHT Capital Pte. Ltd. Address: Six Battery Road #10-01, Singapore 049909
Tel: 6381 6757
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