Dawood Hercules Cancels Rs17.453 Billion Deal With Edotco Pakistan - Insight Trending
In a notice to the bourse Dawood Hercules Corporation Limited (DHCL) has uncovered that the organization will never again be investing Rs17.453 billion in Edotco Pakistan (Pvt) Limited, since edotco failed to met the terms of agreement.

The notification presents,
Further to our disclosures dated August 30, 2017, and January 19, 2018, we hereby notify you that we are no longer pursuing the transaction to invest up to PKR17,453,000,000 (Rupees Seventeen billion Four Hundred and Fifty-Three million only) in Edotco Pakistan.

The Company Secretary Shafiq Ahmed said in the statement.
“The Share Subscription Agreement entered into for this purpose amongst Dawood Hercules Corporation Limited, Edotco Investments (Labuan) Limited (Edotco Labuan) and Edotco Pakistan (the Agreement) prescribed various conditions that needed to be satisfied before consummating the transaction. Out of the said the conditions, certain material conditions have not been satisfied prior to the longstop date prescribed in the Agreement.

The notification presents,
We have therefore earlier today (Monday) exercised our right to terminate the Agreement in accordance with the terms of the Agreement and have so notified Edotco Labuan and Edotco Pakistan. You are requested to disseminate the above decision to the members of TRE certificate holders.

 Edotco Group Chief Executive Office Suresh Sidhu in a statement said,
We do not foresee this affecting our business goals and aspirations. We are confident in the potential of the growing market in Pakistan and are committed to the existing operations there. We continue to develop our pipeline of opportunities into Pakistan as well as into other markets in South and South East Asia and are confident we will be able to meet our goals for business growth.

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