Econframe has informed that it will be terminating the share sale agreement with ETA Industries for a 70% stake in ETA World Sdn Bhd for RM56 million due to conditions in the SSA being not fulfilled.
The group in a filing said the SSA have not been fulfilled within the stipulated time period, and thus both parties have mutually agreed not to extend the period for the fulfilment.
Both announced the proposed acquisition in January this year but in view of the circumstances they have agreed to terminate the SSA.