L&M seeks new term with VDH

L&M seeks new term with VDH

SINGAPORE (Reuters): Property group L&M Group Investments Ltd. said on Wednesday it was seeking new terms with the judicial managers of Van der Horst (VDH) in its takeover of the engineering and infrastructure firm.

L&M said in a statement it had agreed to buy the Indonesian assets of Van der Horst and subject to various conditions, acquire 90 percent of all the shares of Van der Horst.

The purchase of the Indonesian assets were completed on Aug. 7 last year while the deadline for acquiring the shares by May 14 had lapsed as the parties were unable to reach agreement.

The agreement was terminated on May 15, it said.

"The company is currently negotiating afresh with the judicial managers of VDH (for) the acquisition of the shares in VDH on terms which are more favorable to the company than that provided under the investment agreement," it said.

VDH voluntarily went under judicial management in January 1999 to restructure its S$119 million ($65 million) worth of debt. Its shares have since been suspended and were last traded at S$0.445.