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We refer to our announcements on 10 November 2009, 12 November 2009, 13 May 2010 and 13 September 2010 as well as the updates provided in the quarterly financial results announcements on 24 February 2010, 25 May 2010 and 25 August 2010 concerning the Originating Summons.
We wish to inform the Exchange that ASCAP has received a letter dated 20 September 2010 from the solicitors of ACE INA (“ACE INA Solicitors”) notifying ASCAP that ACE INA has accepted the terms of the Minister of Finance’s approval in respect of their proposed acquisition from ASCAP of ASCAP’s 49% equity interest in ACE Synergy Insurance Berhad (“Transaction”). In the said letter, ACE INA Solicitors informed ASCAP that the relevant sale and purchase agreement must be executed by ASCAP and ASB within 3 days from the date of the letter, failing which the agreement is deemed to have become effective and binding on ASCAP and ASB. ACE INA Solicitors also informed ASCAP that completion of the Transaction shall occur on 28 September 2010.
ASCAP’s solicitors have written to ACE INA Solicitors to inform that pending the hearing fixed on 8 November 2010 of ASCAP’s application for Leave to Appeal to the Federal Court, ASCAP will not complete the Transaction.
This announcement is dated 22 September 2010. |
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