Listed KLW dropping plans to acquire Wah Loon

SINGAPORE - KLW said Friday morning that it is no longer proceeding with the discussions on acquiring Wah Loon Group.

It had earlier announced that it was planning to acquire at least 30 per cent of privately held Wah Loon Engineering for $60 million cash. It was also considering acquiring the remaining 70 per cent of Wah Loon either by itself, or jointly with other third parties, for $140 million.

KLW did not provide a reason for not proceeding with the deal.