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TERMINATION OF CONDITIONAL |
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Further to the announcement made by Hwa Hong Corporation Limited
(the "Company") on 5 April 2004 in relation to the
conditional agreement dated 5 April 2004 (the "Agreement")
between Norwest Holdings Pte Ltd ("Norwest Holdings"),
Asset Backed Holdings Limited ("ABK") and David Argyle
relating to the disposal of Norwest Holdings' 100% equity interest in
Norwest Chemicals Pte Ltd to ABK, the Board of Directors of the Company
wishes to announce that as not all the conditions precedent to the
completion of the Proposed Transaction (as defined in the Company's
announcement on 5 April 2004) have been satisfied or waived, the
Agreement is deemed to be terminated and, under the terms of the
Agreement, the Agreement shall have no further force or effect with none
of the parties thereto being subject to any of the obligations contained
in the Agreement (other than the obligations relating to confidentiality)
and none of the parties to the Agreement shall thereafter claim any
rights at law or equity against any other party thereto (other than those
relating to the obligations of confidentiality under the Agreement). The termination of the Agreement is not expected to have any
material effect on the net tangible assets and earnings per share of the
Group for the financial year ending Submitted
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