As such, SMI says it terminated the SSA last Friday and will retain all non-refundable deposits paid by Tiger Infrastructure for the deal.
SINGAPORE (April 8): Singapore Myanmar Invesco’s (SMI) intended sale of its telecommunication infrastructure subsidiary, TPR Myanmar, to Tiger Infrastructure for US$10.8 million ($14.4 million) has fallen through after the latter failed to fulfil terms of the sale share agreement (SSA) .
This comes following an extension of the long-stop date to March 31 this year, by which SMI says Tiger Infrastructure “failed to confirm that it was ready, willing and able to complete the proposed disposal in accordance with the terms of the SSA” even after the group sent an April 3 notice Tiger Infrastructure.
