Another Malaysian developer eyes backdoor listing on SGX

Singapore

PROPERTY developers from across the Causeway seem to have developed a taste for the Singapore bourse, with three of them having struck separate deals over a span of two short weeks for backdoor listings.

Commenting on the interest for a Singapore Exchange (SGX) listing, as seen by the proposed reverse takeover (RTO) deals, observers say this could be a sign of some Malaysian developers wanting to capitalise on Singapore's access to capital markets and its stable currency.

The latest to take the RTO route is Capital City Property Sdn Bhd. In an announcement on Thursday, Catalist-listed marble producer Terratech Group said that it has entered into a conditional sale and purchase agreement (SPA) to acquire Capital City for S$300 million. The deal will see Terratech issuing to the vendors 4.29 billion shares at an issue price of seven Singapo…