Comba Telecom (SGX:STC, HKG:2342) said that the company is now looking to terminate a proposed spin-off and A-share listing of its unit, Comba Network, according to a filing with the Singapore Exchange on Friday.
The decision comes as the group reassesses the macroeconomic developments and market environment.
The company had in filings from April 2021 and Sept. 2021, outlined plans to list Comba Network on the Shanghai Stock Exchange and Technology Innovation Board.
However, following the termination of the spin-off, Comba Telecom will repurchase its shares in Comba Network.
Comba Guangzhou has entered into agreements with each of the G Limited Partners and Non-G Limited Partners for the buyback of the incentive shares for around 142 million yuan.
Following the completion of all the buybacks, the company's equity interest in Comba Network will increase to around 89.3%.
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