Travelite Holdings (SGX:BCZ) said that the proposed acquisition of 40% of the total number of issued shares in Funkie Monkies Ventures has fallen through after certain conditions were not fulfilled, according to a filing with the Singapore Exchange on Friday.
The company had initially entered into a sale and purchase agreement with Funkie Monkies over the acquisition as part of its diversification strategy on March 24, 2023.
The two parties have now agreed that the deposit amount of SG$200,000 will also be refunded by the vendors to the company within six months.
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