HAO BAI INTL (08431) terminates proposed joint venture agreement.
Hoepac International (08431) announced that due to the failure to reach one of the conditions set forth in the proposed joint venture agreement between its wholly-owned subsidiary, China Bentley Investment Limited, and the Ruyang Group Limited, the company has decided not to continue with the proposed joint venture agreement. The company has notified Ruyang Group Limited of the termination of the proposed joint venture agreement and the transactions contemplated therein.
The Board of Directors believes that the termination of the proposed joint venture agreement will not have any significant adverse impact on the group's existing business, operations, or financial condition.
HAO BAI INTL (08431) announcement, as one of the conditions of the proposed joint venture agreement between the company's wholly-owned subsidiary, China Bentley Investment Limited, and Tre House Group Limited, was not met, the company has decided not to proceed with the proposed joint venture agreement. The company has informed Tre House Group Limited of the termination of the proposed joint venture agreement and the transactions under it.
The board believes that the termination of the proposed joint venture agreement will not have any significant adverse impact on the group's existing business, operations, or financial condition.
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