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Ascent Bridge says the proposed acquisitions are not happening

Shares of Ascent Bridge, on the SGX-ST watchlist, closed unchanged at 79 cents on December 22.

Ascent Bridge, formerly known as AEI Corp, says it plans to acquire from Octopus Global Holdings Pte. Ltd. (OGHPL) and Octopus Investment Pte. Ltd. (OIPL) does not pass.

OGHPL and OIPL are mainly engaged in the distribution of alcoholic and non-alcoholic beverages and spirits in Singapore and Malaysia.

This is because the conditions contained in the concluded contracts were not met or were withdrawn on the long stop date, i.e. December 21. The contracts “have therefore expired” and the company will collect a refundable deposit of USD 5 million.

On April 22, Ascent Bridge concluded share purchase agreements (SPA) with OGHPL and OIPL. As part of the SPA, Ascent Bridge was to acquire 80% of shares in Octopus Distribution Networks Pte. Ltd. and Cape Exim Pte. Ltd. for USD 57.8 million from OGHPL. It was also to acquire 39.2% of shares in Luen Heng F&B Sdn, a company founded in Malaysia. Bhd for USD 19.3 million from OIPL.

Shares of Ascent Bridge, on the SGX-ST watchlist, closed unchanged at 79 cents on December 22.

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