SAGTEC Reports Termination Of SSA Related To Acquisition Of Stake In Rider Gate

(RTTNews) - The Board of SAGTEC Global announced that the Share Sale Agreement entered with Ramssol Group Berhad for the proposed acquisition of a 40% stake in Rider Gate Sdn Bhd, a subsidiary of Ramssol, has been terminated. The completion of the transaction was subject to the fulfilment of certain conditions precedent, including the requisite approval of SAGTEC's Board. SAGTECs Board did not provide the requisite approval, and accordingly, the condition precedent was not fulfilled.

SAGTEC said the termination of the SSA will not have any adverse effect on its financial position or results for the current fiscal year, and that it remains open to exploring future collaborations with Ramssol or any other potential partners.