LONDON (Alliance News) - VietNam Holding Ltd said Monday the proposed acquisition of Vietnam Equity Holdings's investment portfolio will not take place as the threshold required to pass the resolution at the latter's general meeting was not reached.
At VietNam Equity Holdings' general meeting, 63% of shareholders voted in favour of the the acquisition proposed by VietNam Holding.
The threshold required 75% of shareholders to vote yes, therefore the resolution was not passed.
In May, VietNam Holding said that it signed a purchase agreement with Vietnam Equity Holdings to acquire the fund's investment portfolio.
The consideration for the acquisition was the issue of new VietNam Holding ordinary shares at a price equivalent to no less than their net asset value per share on the completion date which was expected in mid-June 2018.
On Monday, the company also said it has called a general meeting to pass a resolution to increase the board's share buyback authority to 14.99% of the current issued share capital of the company.
The meeting will be held on July 9.
Vietnam Holding shares were untraded at 2.83 pence on Monday.
Vietnam Holdings (VNH)