By Patricia Kuo
Oct. 19 (Bloomberg) -- New Times Group Holdings Ltd., a Hong Kong-based property investor and financial services provider, said it canceled a proposed HK$10.3 billion ($1.3 billion) acquisition of oilfields in Argentina.
New Times plans to renegotiate the deal after an independent valuation found the oil concessions to be worth about $1.5 billion, compared with the $15 billion required under the agreement, the company said in a statement to the Hong Kong Stock Exchange today.
New Times made the announcement after its stock surged 16 percent on Oct. 17, the biggest increase in almost a month.
To contact the reporter for this story: Patricia Kuo in Hong Kong at pkuo2@bloomberg.net.
Sunday, October 19, 2008
New Times Scraps HK$10.3 Billion Argentina Oilfield Acquisition
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