Shrydus Industries Limited (the "Acquirer") disclosed the termination of a Share Purchase Agreement (SPA) dated 09th October, 2024 with Roopaya General Trading Company L.L.C. The SPA was for the acquisition of 100% stake in Roopaya General Trading Company L.L.C.
According to the terms and conditions of the SPA, Shrydus Industries Limited was required to pay the agreed purchase consideration and complete all requisite conditions necessary for consummation of the transaction within stipulated timelines.
The company failed to make payment of the agreed purchase consideration and failed to complete the requisite obligations and formalities for consummation of the transaction within the stipulated period.
Consequently, the transaction could not be completed in accordance with the terms of the SPA. Accordingly, the company terminated the Share Purchase Agreement with Roopaya General Trading Company L.L.C in accordance with the terms of the SPA and applicable contractual provisions.
The company confirms that as a consequence of the termination, there will be no further transfer of the shares contemplated under the SPA. The company shall continue to evaluate and pursue its business plans in the ordinary course.
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