SEROJA Investments will receive a delisting notice from the Singapore Exchange (SGX), after plans for it to acquire Denway Development in a reverse takeover failed.

Seroja Investments, which became a cash company after selling its operating business in marine transportation and assets in 2019 and has been on the hunt for a new viable business in line with listing rules, said in a bourse filing on Tuesday (Mar 21) that it had received an email from SGX informing the company that the delisting notification will be issued by Mar 24.

This is because the deadline for it to acquire a new business for a new listing lapsed on May 20 last year, and the company has not requested any deadline extension.

Seroja Investments announced the failed reverse takeover of Denway Development in a bourse filing on Monday. It entered into a conditional sales and purchase agreement with Nickel Global Group and Denway Development in May last year.

However, Nickel Global Group said it was unable to complete the deal, leaving Seroja Investments opting to terminate it.

Seroja said in Monday’s filing that it is in discussions with another company for a potential reverse takeover and that it will apply to SGX for more time if negotiations are successful.

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Trading in the shares of Seroja Investments has been suspended.