CATALIST-LISTED Mercurius Capital Investment on Thursday night announced the completion of a joint venture that will help it to retain its listing status, and requested the lifting of an earlier-called trading halt.
Mercurius said its earlier-announced joint venture with Thai developers Apex Development Public Co and Grand Bay Hotel was completed on Jan 7, pursuant to an addendum to revise the purchase price of the sales shares and the terms of payment. Mercurius had earlier been given until Jan 31 to complete the joint venture and demonstrate its business viability by investing in Grand Bay, failing which it would be deemed a cash company.
Under the original joint-venture terms, the total purchase price comprised a fixed purchase price of 335 million baht plus a variable price of half of the joint venture's construction and development costs, less 50 million baht. Pursuant to the addendum, in view of a 200 million baht loan jointly obtained by Apex and Grand Bay, it was agreed to offset 100 million baht as partial satisfaction of the fixed purchase price.The parties have further agreed that the loan shall be refinanced, and Mercurius is working with Apex to arrange for such refinancing for Grand Bay's operations. Mercurius said it will provide any material updates and make the necessary announcements in accordance with the Catalist rules.
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