Malaysian investment holding company Deleum has terminated its RM60m ($14.3m) acquisition of oilfield service assets from Thailand's MPC Future. 

The acquisition, initially announced in June this year, was scrapped due to a lapse in meeting key conditions set out in the sale and purchase agreement (SPA), reported The Edge Malaysia. 

The proposed deal was due to be executed through a combination of cash and share issuance in Deleum's subsidiary, Deleum Oilfield Solutions Thailand (DOST). 

It was expected to provide MPC Future with a 48.34% stake in DOST, while Deleum would hold a 49.93% stake. 

The remaining 1.73% would be held by Suthee Chivaphongse, a director and key shareholder of DOST. 

The acquisition aimed to expand Deleum's service capabilities in Thailand by utilising MPC's expertise and market foothold. 

According to Deleum's filing with Bursa Malaysia, the conditions that were not met include the execution of novation agreements for contract transfers. 

They also included confirmation of debt clearance and security release from MPC's lenders, and consent from MPC’s other financiers for the transaction. 

DOST formally notified MPC of the termination on 18 September, halting the acquisition and related share subscription. 

Deleum stated that the termination will not affect its financial status, including earnings and net assets, for the fiscal year ending 31 December 2025. 

Established in 2007, MPC Group specialises in designing and constructing energy-efficient buildings, integrating technology and innovation. 

The company operates in various engineering and construction fields including clean energy systems and solar energy engineering installations.