SINGAPORE - Satellite communications equipment provider Global Invacom Group called for trading in its shares to be suspended on Tuesday (Oct 23) before the stock market opened, saying its negotiations regarding an acquisition are taking longer than expected.
Global Invacom had called for a trading halt before the market opened last Thursday (Oct 18).
This was in anticipation of the execution of a "definitive agreement relating to a transaction which, if completed, is expected to result in a very substantial acquisition or a reverse takeover of the company (Global Invacom)", it said.
The mainboard-listed company on Tuesday said: "The negotiations and finalisation of the terms of the definitive agreement is still on-going and has taken longer than expected." It is therefore suspending trading until the negotiation is finalised.
Global Invacom is listed on both the Singapore Exchange and the London Stock Exchange's Alternative Investment Market (AIM). Trading in its shares has also been suspended on AIM until it can publish an admission document in relation to the acquisition or confirm that the acquisition is no longer being contemplated.