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SIM Tech (02000) scraps sale of Simcom Wireless
07 Dec 2017
(Infocast News) SIM Technology (02000) (the Company) announced that on 7 December 2017, the Company, Simcom International, Queclink Wireless, Richjoy, the Target Companies, Shenyang SIM and Shanghai SIM Technology entered into the termination agreement for the Sale and Purchase Agreement, the Supply Contract and the Tenancy Agreement (the Termination Agreement) under which the parties mutually agreed to terminate the Sale and Purchase Agreement, the Supply Contract and the Tenancy Agreement because as at the date of the Termination Agreement, the condition precedent of the Sale and Purchase Agreement that the execution of the employment contracts by certain key employees will not be fulfilled. Each relevant party irrevocably and unconditionally releases and discharges all the other relevant parties from all claims, liabilities and obligations in relation to the respective Sale and Purchase Agreement, the Supply Contract and the Tenancy Agreement.

The board of the Company is of the view that the termination of the Sale and Purchase Agreement, the Supply Contract and the Tenancy Agreement will not have any material adverse impact on the business, operation or financial position of the group.

On 22 September 2017 (after trading hours), the Company, Simcom International, Queclink Wireless, Richjoy and the Target Companies entered into the Sale and Purchase Agreement under which Simcom International conditionally agreed to sell, and each of Queclink Wireless and Richjoy conditionally agreed to purchase, 67% and 33% of the equity interest of Simcom Wireless, respectively, for RMB438 million (equivalent to approximately HK$525.6 million).

(WL)
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