SINGAPORE (June 6): Adventus Holdings says it has terminated its agreement to sell its 45% joint venture (JV) to Tran Hoang Anh Tuan, a partner in the project who originally intended to pay US$1.1 million for the group’s owned interest in the JV’s special purpose vehicle, ADV S3.
The transaction’s termination comes after Tran issued a notice to the group saying there were “some unforeseen issues” with the transaction, and after both parties “explored all possible options”, says the group in an aftermarket filing on Thursday.
To recap, Adventus entered the JV project with Panthera Company and Tuan last year in April, with the common aim of building a residential and retail development in Danang, Vietnam.
The group later on said it intended to dispose of its interest in the project so as to reduce its exposure to the project after encountering “some difficulties” with the Vietnamese authorities.
Going forward, Adventus says it will continue with the project as usual, as it searches for suitable partners to buy over its stake in ADV S3 – as per its initial intention.
Shares in Adventus closed 25% lower at 0.3 cent on Thursday.
