C&G gets extension to appoint independent financial adviser for reverse takeover

MAINBOARD-LISTED C&G Environmental Protection Holdings has been granted an extension until Oct 31, 2018 to finalise the appointment of an independent financial adviser (IFA) for its proposed reverse takeover of Indonesia's Param Mitra Coal Resources.

C&G announced on Monday evening that it was granted the extension on Oct 12. It had applied to the Singapore Exchange for an extension on Aug 31 and Sep 27, mainly because the vendor had met and engaged in discussions with various potential IFAs for the proposed deal.

"As the company and the vendor wish to make a well-informed decision on the appointment of the IFA, the company and the vendor intend to have the final round of discussions with the shortlisted IFAs along with the financial adviser in the next three to four weeks before proceeding to finalise the appointment of the IFA," said C&G in its announcement.

C&G advised shareholders to exercise caution in trading their shares as the proposed deal "is subject to numerous conditions and there is no certainty or assurance as at the date of this announcement that the proposed transaction will be completed", and said it will make the necessary announcements when there are further developments on the proposed deal.