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OLS Enterprise reverse takeover deal value drops to S$285m
THE value of a reverse takeover deal for OLS Enterprise, an investment holding company that was on the Singapore Exchange watch list before it transferred from the mainboard to the junior Catalist board last year, has been reduced, the firm said in an SGX filing on Monday evening.
OLS Enterprise, which has proposed to buy fertiliser ingredients maker Malaysian Phosphate Additives, said that the total sum that OLS will pay to acquire Malaysian Phosphate Additives will be S$285 million.
It had said in 2015 that the deal consideration would be S$300 million.
OLS Enterprise, a micro-penny stock, is linked to "death-spiral" convertible bonds financier Advance Capital Partners. The company noted in a May 2016 SGX filing that Advance Capital Partners was its "consultant" for its proposed acquisition of Malaysian Phosphate Additives.
Its shares ended 0.1 Singapore cent lower at 0.5 Singapore cent on Monday.