Asiatravel.com closer to new lease of life
SIC waives need for ZhongHong unit to make general offer in relation to a S$100m share placement
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Anita Gabriel
Singapore
"HAVE money, will travel" could well turn out to be the theme for floundering Catalist-listed firm Asiatravel.com Holdings this year with a potential cash wad of S$100 million under its belt and a new emerging controlling shareholder in Shenzhen-listed ZhongHong Holding.
Last Thursday, the Securities Industry Council (SIC) waived the need for Zhong Hong New World International Limited, a wholly owned subsidiary of ZhongHong, to launch a mandatory general offer for all of Asiatravel.com shares - a condition precedent for the Singapore-listed firm's proposed placement of 500 million new shares at 20 Singapore cents each to the ZhongHong subsidiary.
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