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OTHERS GUH HOLDINGS BERHAD ("GUH" OR "THE COMPANY") - COOPERATION AGREEMENT ENTERED BETWEEN GUH CAPITAL SDN. BHD. AND SHENZHEN XIXIN ELECTRONIC TECHNOLOGY CO., LTD.

GUH HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
GUH HOLDINGS BERHAD ("GUH" OR "THE COMPANY")
- COOPERATION AGREEMENT ENTERED BETWEEN GUH CAPITAL SDN. BHD. AND SHENZHEN XIXIN ELECTRONIC TECHNOLOGY CO., LTD.

Reference is made to the Company’s announcements made on 10 November 2023 and 16 November 2023 in relation to the Cooperation Agreement with Shenzhen Xixin Electronic Technology Co., Ltd. (“Announcements”). Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the Announcements.

 

The Board of Directors of GUH wishes to announce that the Company and Xixin have mutually agreed to terminate the Cooperation Agreement with effect from 16 June 2024 (“Termination”). No battery assembly plant has been established, no equipment has been purchased, and no shares in the JVCO have been transferred to Xixin pursuant to the Cooperation Agreement.

 

Further to recent assessments of the current local market demands for lithium battery products, both parties have mutually agreed to terminate the Cooperation Agreement on the following terms and conditions:

 

a) The grant of license for intellectual property from Shenzhen Shiwei Electronic Technology Co., Ltd dated 8 November 2023 to GUH Power Sdn. Bhd. shall be terminated with immediate effect. The two original copies of the grant are returned to Xixin immediately;

 

b) no charges, fees, expenses, or payments whatsoever shall be demanded or payable from either Party; and

 

c) neither Party shall be liable to the other Party for any loss or damage arising from the said Agreement or its termination.

 

None of the Directors and/or major shareholders of GUH and/or person(s) connected to them have any interest, either direct or indirect, in the Termination.

 

The Termination does not have any financial impact to the Company and its subsidiaries.

 

This announcement is dated 14 June 2024.






Announcement Info

Company Name GUH HOLDINGS BERHAD
Stock Name GUH
Date Announced 14 Jun 2024
Category General Announcement for PLC
Reference Number GA1-14062024-00021



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