Accrelist calls off $1m deal to acquire stake in blockchain firm

SINGAPORE - Catalist-listed corporate accretion services provider Accrelist has called off its proposed acquisition of an aggregate 10 per cent stake in blockchain service provider AmazingTech Pte Ltd, it announced on Tuesday night (Dec 11).

On May 30, 2018, Accrelist had announced the signing of sale and purchase agreements (SPA) with AmazingTech shareholders and a subscription agreement with AmazingTech. The total consideration of $1 million was meant to be satisfied by $200,000 in cash through internal resources and $800,000 by way of issuance of 80 million ordinary shares in Accrelist at one cent per share.

On Tuesday, Accrelist said that it, AmazingTech and the vendors "have decided to mutually terminate the proposed acquisition by mutual agreement as parties had encountered difficulties during the course of fulfilling the conditions of the SPA and were unable to reach a consensus in resolving such difficulties". The period for completion for both agreements had also lapsed. Accordingly, all parties shall be released and discharged from their respective obligations under the agreements.

Accrelist said the termination of the deal is not expected to have any material adverse impact on its net tangible assets per share and earning per share for the financial year ending March 31, 2019.

Accrelist shares closed unchanged at 0.4 cent on Tuesday before the announcement.