Further to the announcement made on 12 October 2012, the Board of Directors of SAAG have met and reassessed the Company's solvency position and made attempts to seek a preliminary proposal from a potential investor which has not been forthcoming so far and hence are of the opinion that the Company will not be able to pay all the debts as and when they fall due and payable in the next 12 months from the date of this announcement. However should an amicable debt reduction/restructure exercise be reached with the help of fresh investment/investor, it would be possible to improve the SAAG Group's cash position.
In line with this decision taken by the Board of Directors, the Company will be issuing a separate announcement under Practice Note 17 of the MMLR today.
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