VCREDIT (02003.HK): Terminates Acquisition of Up to 100% of Banco Português de Gestão, S.A. (BPG), Seller to Refund 20% of Advance Deposit

NewTimeSpace News: Vcredit Holdings Limited (stock code: 02003) announced on August 7 that, as the regulatory conditions remained unsatisfied as of the effective date, the seller and the Company have agreed to mutually terminate the sale and purchase agreement for the acquisition of up to 100% of Banco Português de Gestão, S.A. (BPG), and will no longer proceed with the sale and purchase of the seller's shares with effect from the effective date.

Reference is made to the Company's announcements dated May 5, 2023, April 1, 2025 and October 31, 2025, under which completion of the sale and purchase of the seller's shares was conditional upon, among other things, the regulatory conditions being satisfied on or before the long-stop date, namely March 4, 2026. As the regulatory conditions remained unsatisfied as of August 6, 2026 (the effective date), the seller and the Company have agreed to mutually terminate the sale and purchase agreement with effect from the effective date. Upon termination, both the seller and the Company are released and discharged from their respective obligations under the sale and purchase agreement.

According to the announcement, notwithstanding that the seller and the Company agreed that the Company had not breached its obligations, the Company agreed that the seller shall retain 80% of the advance deposit, i.e. EUR 800,000, as compensation for the time spent from the signing of the sale and purchase agreement until the confirmation that the regulatory conditions could not be obtained, the seller's efforts to enable BPG to operate normally in accordance with past practice during the period from the signing of the sale and purchase agreement to the effective date, and the inability to pursue other commercial alternatives due to the seller's involvement in BPG. The seller will refund 20% of the advance deposit, i.e. EUR 200,000, to the Company.

The Board considers that the termination of the sale and purchase agreement is not expected to have a material adverse impact on the operations of the Group.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.