Jaya Holdings fails to get SGX nod for Heduru Moni acquisition

MAINBOARD-LISTED Jaya Holdings Limited was unsuccessful in obtaining a pre-clearance for the reverse takeover of Papua New Guinea finance firm Heduru Moni Limited, the company said in a Singapore Exchange (SGX) filing on Tuesday.

Based on pre-clearance submissions and representations made, it has not been demonstrated to the SGX that the proposed acquisition is suitable for listing on the bourse at this point in time, it noted.

The company said it is considering the options available and intends to seek further clarification from the SGX on the pre-clearance.

It cautioned shareholders that there is no certainty the proposed acquisition can be completed by the new completion date of Sept 30, 2017, in which the proposed acquisition may terminate. It also reminded shareholders that it has been given up to Oct 3, 2017 to meet the new listing requirements, failing which the company will be removed from the official list.

The company had on Aug 30, 2017 submitted a further request for an extension of the deadline to allow shareholders the opportunity to consider the proposed acquisition and pending the pre-clearance. In view of the response from the SGX, there is no certainty that an extension will be granted, it said.

Jaya, previously an offshore fleet and shipyard owner, became a cash company after it sold its businesses for S$625 million in 2014 to Mermaid Marine Australia.