Yangzijiang Financial (SGX:YF8) received notices from Merlion Quay and Operie to terminate the proposed sale of the company's existing treasury shares, according to a filing with the Singapore Exchange on Wednesday.
The decision was triggered by a decline in the company's share price below a pre-agreed threshold.
According to the terms of Yangzijiang's agreements with Merlion Quay and Operie, the purchasers had the right to terminate the agreements if the closing price of Yangzijiang Financial's shares on the Singapore Exchange fell below 85% of the closing price on March 28, which was SG$0.676.
On April 10, the company's share price closed at SG$0.67.
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