Ipco acquisition of Asia Plan stake falls through

Vendor Brentwood Overseas backs out due to US housing surge.

In a disclosure to the Singapore Exchange, Ipco International Limited announced that its conditional agreement to acquire the balance 30% shareholding interest in Asia Plan Ltd from Brentwood Overseas Ltd has been terminated by the latter vendor.

Due to the recent revival in the US housing market, the vendor has decided to continue holding on to his stake in Asia Plan.

Ipco said it has agreed to accept the termination, and neither the vendor nor the company will have any further claim against the other in respect of the agreement. The termination of the agreement will not have any material effect on the net tangible assets or earnings per share of the company for the current financial year.