China Environmental Resources (SGX:UIX, HKG:1130) terminated a transaction involving the disposal of its subsidiary, First Rank, according to a Monday filing with the Singapore Exchange.
Shares of the company slumped nearly 9% in recent trading in Singapore, while its Hong Kong listed shares were up nearly 2%.
The disposal did not materialize as the purchaser was unable to complete the transaction by the agreed date of Aug. 11, the filing said.
Following the termination, the company has agreed to forfeit a deposit worth HK$11.8 million in liquidated damages.
The company said it is planning to seek new potential buyers for its industrial property.
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