Asiasons scraps sale and purchase agreement with AEL

It was set to acquire 10.72% of EMS Holdings.

Mainboard-listed Asiasons Capital today stated that it is terminating the Sale and Purchase Agreement (SPA) that it has entered with Arts & Entertainment Investment with regard to the acquisition of 10.72%of the issued share capital of EMS Holdings.

Asiasons announced that the SPA was terminated that due to AIL’s inability to obtain the necessary consents and approvals from the relevant third parties in connection with the entry into and completion of the SPA within the stipulated time frame.

As such, AIL and AEL have mutually agreed to terminate the SPA and release one another from their respective obligations under the SPA with effect from 13 October 2014