It comprised a cash consideration of
The deal also involved the transfer of the Kingdom Trademark to the banker.
But AfrAsia said the
The bank said the failure to beat the deadline was a result of delays in fulfilment of "certain conditions precedent" without giving more details.
"The extension of the deadline was necessitated by delays in the fulfilment of certain conditions precedent to the implementation of the transaction. Directors are confident that the new deadline would allow for flexibility in closing the transaction," AfrAsia said.
The bank did not disclose the conditions which have delayed the implementation of the deal.
"Get a comment from AfrAsia. I simply have no comment," said
Afrasia directors have called an Extraordinary General Meeting on
The total consideration payable by the company comprised of
AfrAsia is also seeking shareholder approval to raise capital likely to be channelled towards the
The directors want authority to raise additional capital by way of offer and issue to existing AZHL shareholders and new investors perpetual, non-cumulative convertible preference shares created or to be created out of any existing pool of authorised but unissued ordinary shares with such further rights, preferences and limitations.
At the EGM, shareholders will also be asked to ratify the amendment of authorised share capital to
Most Popular Stories
- Criminal Investigation Opened Into James Foley's Death
- McDonald's Names Another U.S. President
- The Hip New Career? Farming
- Sahara Casino Rises Anew as SLS Las Vegas
- Student Startup Develops Date-rape Detector
- U.S. Supporters of Islamic State Get Close Scrutiny
- Job Market Shifts Complicate Yellen's Rate Decision
- Dems Losing Fear of Obamacare
- Chinese Coal Gas Boom Poses Climate Risks
- Deere Announces New Round of Layoffs