Catalist-listed 3Cnergy to be the target of reverse takeover by DTP Infinities
CATALIST-listed 3Cnergy has entered into a conditional share purchase agreement with DTP Inter Holdings on Tuesday (Jun 13) which entails 3Cenergy disposing of its existing business and issuing new ordinary shares to DTP Inter Holdings.
The estimated consideration for the transaction is S$389.25 million. This is to be satisfied by the allotment and issue of new ordinary shares in 3Cnergy in consideration for the sale and transfer by DTP Inter Holdings to 3Cnergy of all the shares in DTP Infinities.
DTP Infinities is a subsidiary of DTP Inter Holdings, an investment holding company incorporated in Singapore.
DTP Infinities is a private company incorporated in the Cayman Islands on Jul 25, 2019. It has an issued and paid-up share capital of US$1,000 and its directors are Hansa Susayan, Wanida Suksuwan and Warunya Punawakul. The company invests in hospitality assets in the United Kingdom and is currently loss-making.
The estimated consideration for the reverse takeover takes into account the valuation of DTP Infinities, at about S$1 billion after deducting S$619.3 million, which is its estimated net debt.
3Cnergy said in its bourse filing that it believes the proposed acquisition would be good for the company, having considered the quality of assets DTP owns, existing shareholder loans capitalisation, the prospects of the hospitality industry and DTP’s business.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
3Cnergy ended Monday unchanged at S$0.003.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Boeing gets a welcome respite with US$10 billion bond offering
Hong Kong vies with US in Bitcoin ETF market after crypto’s revival
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Paramount replaces CEO with trio as it talks merger with Skydance
MicroStrategy posts loss on impairment charge, revenue declines
JPMorgan looks to fend off Goldman and other private credit for US$1 billion