Singapore Exchange (SGX)-listed real estate developer, Asia-Pacific Strategic Investments 5RA has terminated its sale and purchase agreement (SPA) for the acquisition of a 100% stake in Mobii Genius Co., Ltd.
On April 2, the group entered into a conditional SPA with Mobii Genius’ parent company, Mobii Green Energy to acquire Mobii Genius for a purchase consideration of US$150 million ($201 million).
However, the group has since announced that the sale has not materialised “due to unforeseen circumstances”.
Under the conditions of the SPA, the agreement was automatically terminated on Oct 2 and is of no further force or effect.
The termination of the SPA is not expected to have any material impact on the consolidated net tangible assets or earnings per share of the group for the financial year ending June 30, 2025.
The group adds that it will “continue to explore opportunities with other parties”.
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Shares in Asia-Pacific Strategic Investments closed flat at 0.1 cents on Oct 2.
