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0.050

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OTHERS DWL RESOURCES BERHAD (FORMERLY KNOWN AS SPRING GALLERY BERHAD) ('DWL' OR THE 'COMPANY') AND ITS SUBSIDIARIES ('DWL GROUP' OR 'GROUP') - TERMINATION OF PRE-BID CONSORTIUM AGREEMENT BETWEEN MILLION RICH DEVELOPMENT SDN. BHD. ('MRDSB'), A WHOLLY-OWNED SUBSIDIARY OF DWL AND PESTECH TECHNOLOGY SDN. BHD. ('PTSB') ('AGREEMENT')

DWL RESOURCES BERHAD

Type Announcement
Subject OTHERS
Description
DWL RESOURCES BERHAD (FORMERLY KNOWN AS SPRING GALLERY BERHAD) ('DWL' OR THE 'COMPANY') AND ITS SUBSIDIARIES ('DWL GROUP' OR 'GROUP') - TERMINATION OF PRE-BID CONSORTIUM AGREEMENT BETWEEN MILLION RICH DEVELOPMENT SDN. BHD. ('MRDSB'), A WHOLLY-OWNED SUBSIDIARY OF DWL AND PESTECH TECHNOLOGY SDN. BHD. ('PTSB') ('AGREEMENT')
We refer to our announcement made on 28 June 2019 ('Announcement'), unless otherwise defined, the definitions set out in the Announcement shall apply herein.


The Board wishes to announce that MRDSB had on 20 January 2020 received and accepted a Letter of Termination dated 16 January 2020 from PTSB to terminate the Agreement on the ground that there was no progress on the intended collaboration and co-operation as contemplated in the Agreement. ('Termination'). Such Termination shall be effective upon 30 days from the date of the Letter of Termination. Accordingly, MRDSB has agreed for the Termination.


The Termination will not have any effect on the issued share capital and the substantial shareholders’ shareholdings of DWL. The potential benefits from the Agreement in terms of revenue and profits will not be materialised upon the Termination and thus unable to improve DWL Group’s earnings and net assets.


This announcement is dated 20 January 2020.





Announcement Info

Company Name DWL RESOURCES BERHAD
Stock Name DWL
Date Announced 20 Jan 2020
Category General Announcement for PLC
Reference Number GA1-20012020-00038