Tungtex deal review

TUNGTEX (Holdings) Co has agreed to a revision of an agreement by which Charter View Holdings is seeking to buy out Tungtex, directors of both companies said yesterday.

Directors said under the revised agreement, that an initial deposit of $4 million paid when a preliminary agreement was signed last month would be released to Tungtex when the new agreement was signed.

Directors said they had agreed to extend until May 30 the deadline for paying 10 per cent of the purchase price, less the $8 million in deposits already paid, or due to be paid when the new agreement was signed.