Jaya calls off Heduru Moni reverse takeover; to be delisted from SGX
CASH company Jaya Holdings will be delisted from the Singapore Exchange (SGX) after calling off a reverse takeover deal that failed to receive regulatory approval.
Jaya, once an offshore fleet and shipyard owner, said on Tuesday that the proposed deal with Papua New Guinea finance firm Heduru Moni has been terminated.
The SGX also rejected Jaya's application for an extension of time to obtain an operating business. With the collapse of the Heduru Moni deal, and without an extension of time from the SGX, Jaya or its controlling shareholders must now make an exit offer within a month from Oct 2, 2017.
Trading of Jaya's shares will continue until Nov 1, 2017, and will remain suspended after that until the completion of the exit offer.
The proposed Heduru Moni deal, which would have given Heduru Moni a backdoor listing on the SGX, hit a bump earlier this year when the bourse declined to give pre-clearance approval for the deal on the grounds that Heduru Moni was not suitable for listing on the SGX at this point in time.
Heduru Moni mainly makes education loans to children of public officers.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google, US clash over search advertising as trial winds down
Apple rallies most in 18 months on upbeat forecast, buyback
US: Wall St opens sharply higher on soft jobs data
HSBC has no plans to dispose of further businesses, chairman says
Glencore Group nears deal for Shell’s Singapore oil refinery
Chinese share of French EV market slumps after incentives curbed