Sunzen aborts business plan after due diligence issues in Ecolite
09 Nov 2017 / 20:37 H.
PETALING JAYA: Sunzen Biotech Bhd aborted plans to buy a 70% interest in Ecolite Biotech Manufacturing Sdn Bhd for RM12 million on issues arising from due diligence conducted on Ecolite and its subsidiaries.
In a filing with Bursa Malaysia Sunzen said it was clarifying an announcement made on Nov 7, 2017 stating it does not intend to proceed with the proposals, which included a diversification into manufacturing and trading of Chinese traditional medicine.
The company did, however, state that should those issues be resolved to the satisfaction of the company it may reconsider them after due and careful deliberation by the board.
The company’s share price was down half a sen to 31.5 sen, with some 111,000 shares traded.