China Railway Logistics Limited (SEHK: 8089) cancelled the acquisition of 30% stake in Sure Progress Investment Limited from Ng Wai Huen.
China Railway Logistics Limited (SEHK: 8089) completed the acquisition of 30% stake in Sure Progress Investment Limited from Ng Wai Huen on January 31, 2012.
China Railway Logistics Limited (SEHK: 8089) cancelled the acquisition of 30% stake in Sure Progress Investment Limited from Ng Wai Huen on January 8, 2013. As certain conditions precedent of the repayment of the promissory note had not been fulfilled or waived by December 31, 2012, so the agreement was terminated accordingly. Pursuant to the agreement, upon the termination, the stake shall be refunded to Ng Wai Huen by China Railway Logistics whereas China Railway Logistics shall return the promissory note to the China Railway Logistics for cancellation.