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We refer to the announcement dated 9 July 2009 in relation to the Proposed Disposal wherein it was announced that Pentamaster Corporation Berhad (“PMCB” or “the Company”) had entered into an equity transfer agreement (“ETA”) with Elecon Systems Engineering Limited (“Purchaser”) for the disposal by PMCB of its entire 100% equity interest in a foreign subsidiary, Pentamaster Automation Engineering (Shanghai) Co. Ltd. (“PMAE), to the Purchaser for a cash consideration of RMB1.0 million.
In this regard, the Board of Directors of PMCB wishes to announce that the Company had on 30 October 2009, through its lawyers in the People’s Republic of China, sent notice of termination of the ETA to the Purchaser for failure to pay the purchase price on time in accordance with the terms of the ETA.
The Company reserves all of its rights and remedies under the ETA as well as the law of the People’s Republic of China or any other applicable law to take any action it deems necessary.
This announcement is dated 3 November 2009. |
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