Jubilee acquiring stake in Iskandar project through RTO

JUBILEE Industries Holdings has unveiled a proposed reverse takeover (RTO) deal involving a Malaysian property developer.

The Catalist-listed company said yesterday that it will acquire a 60 per cent stake in a development project in Medini Iskandar which includes a RM180 million (S$70.3 million) profit guarantee from its vendor.

Jubilee, a loss-making plastic injection mould producer formerly known as JLJ Holdings, had been looking to diversify its core business. In August, former Novena Holdings CEO Toh Soon Huat led a group of 17 investors to pump $15 million into the company through a share placement.