Published:
HG Metal Manufacturing cancels placement of 253.5m shares
It was a mutual agreement among parties involved.
The board of directors of HG Metal Manufacturing decided to terminate the proposed placement of 253.5 million new ordinary shares at $0.042 in the capital of the company.
HG Metal said that the company and its subscribers, Mr. Yang Ho and Mr. Tan Cheng, mutually agreed to the windup of the share subscription agreements with no further recourse.
All parties also issued termination letters to make the decision binding and effective immediately.
The directors do not see the termination of the share subscription having any material adverse impact on the business operation and financial position of the company.
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