SHARES in Global Invacom Group surged in early trading on Monday after the satellite communications equipment provider and its vendor, Tactilis Pte Limited, mutually terminated a deal for the latter's Malaysian subsidiary.
On Sunday, GInva said that the deal for the proposed acquisition of Tactilis Sdn Bhd was called off due to"difficulties in fulfilling all of the conditions precedent in the sales purchase agreement". GInva said that all fees, costs and expenses relating to the proposed acquisition would be borne equally by itself and Tactilis Pte Limited. The break fee of US$20 million under the agreement is also being waived.
Despite being valued at US$200 million by Frost & Sullivan, Tactilis Sdn Bhd earned revenues of just US$31,925 in 2017 and US$3,600 in 2016. It also racked up losses of US$2.36 million and US$1.2 million in those years respectively.
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