THE Foreign Investment Committee (FIC) has rejected the application by Watson Personal Care Stores Sdn Bhd for the acquisition of all the issued shares of Apex Pharmacy Sdn Bhd, a wholly-owned subsidiary of Apex Healthcare Bhd.
Apex Healthcare told Bursa Malaysia that it was informed of the matter by Watson on Nov 25.
The completion of the share sale agreement had been contingent upon the fulfilment of certain conditions precedent by the cut-off date of Nov 12, 2004, which was subsequently extended to Dec 11, 2004, to allow more time for the conditions to be fulfilled.
As the conditions precedent to the acquisition had not been fulfilled by Dec 11, the agreement was automatically terminated. Apex Healthcare will continue to run the retail pharmacy business of Apex Pharmacy.