Asset Acquisitions and Disposals::DISPOSAL OF NON-CORE ASSET - TERMINATION OF SPA

Issuer & Securities

Issuer/ Manager
MIYOSHI LIMITED
Securities
MIYOSHI LIMITED - SG1J04885492 - M03
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
06-Feb-2015 17:10:18
Status
New
Announcement Sub Title
DISPOSAL OF NON-CORE ASSET - TERMINATION OF SPA
Announcement Reference
SG150206OTHRT3U5
Submitted By (Co./ Ind. Name)
SIN KWONG WAH ANDREW
Designation
CEO
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the Board) of Miyoshi Limited (the Company) refers to its announcement dated 9 July 2014 in relation to the proposed sale by the Company's wholly owned subsidiary Miyoshi Precision (Malaysia) Sdn. Bhd (MPM) of a factory cum office building located at PLO 122, Jalan Cyber 5, Senai III Industrial Estate 81400 Senai Johor Malaysia (Property).

The Company wishes to announce that the SPA in relation to the proposed sale of the Property has been terminated by the Purchaser as certain condition precedent under the SPA cannot be fulfilled. Accordingly, the deposit of RM470,000.00 paid to-date to MPM will be refunded to the Purchaser.

The termination of the SPA is not expected to have any material impact on the consolidated net tangible assets or earnings per share of the Company and its subsidiaries (Group) for the financial year ending 31 August 2015.

Attachments

20150206-SGXannTerminationOfSPA-SenaiProperty.pdf
Total size =42K