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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.

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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.