Hang DA Has Been Terminated By Kazakhstan Bank.
Hengda International (0111) announced the latest development of the statement on joint venture's financial services. Yesterday, the company received the letter from the Bank of Kazakhstan (Party A) that it decided not to further subscribe to Hengda shares because of its internal reasons.
Therefore, the responsibilities of the two parties concerned will cease and end.
Hengda International announced earlier that it has awarded the rights of the independent third party Kazakhstan bank. It can subscribe at least 5%, but not more than 29.9%.
If the bank exercises its right to subscribe, the written notice should be sent to Hengda.
The bank had written notice earlier that it had the right to subscribe to the new shares.
However, the subscription clause is subject to further consultation.
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