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Datapulse calls off $10.5 mil acquisition of Toa Payoh industrial property

Michelle Zhu Published on Tue, Nov 14, 2017 / 5:23 PM GMT+8

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SINGAPORE (Nov 14): Datapulse Technology has terminated its option to purchase an industrial property located in Toa Payoh for a consideration of $10.5 million, after failing to obtain an approval it required to proceed with the acquisition.

In a Tuesday regulatory filing to the SGX, Datapulse revealed it had on Sept 4 and Sept 22, received letters from the National Environmental Agency (NEA), both rejecting the company’s application for change of use of the property to “manufacturing of digital storage media”.

The company adds that it had engaged a consultant to assist in its application to NEA for change of use, and had sent in requests twice to the regulator to re-consider the proposed use, but these were nonetheless declined.