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Jaya heads for voluntary liquidation as options run out

JAYA Holdings on Thursday said it is seeking voluntary liquidation, with the remaining cash to be distributed to shareholders.

The company has submitted a proposal on the proposed voluntary liquidation to the Singapore Exchange (SGX). It will be convening an extraordinary general meeting to approve the proposal, and the appointment of a liquidator.

As at June 30, 2017, Jaya had net cash of S$1.51 million.

The company came to this proposal after the SGX deemed that its previously targeted company was a cash company with no underlying business. Jaya added that there "no other feasible exit strategy" immediately available to the company, which is in a net cash position. The SGX had rejected a proposed reverse takeover of Papua New Guinea finance firm Heduru Moni, saying that there was "jurisdiction risks" of the then-acquisition target.

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Jaya was previously an offshore fleet and shipyard owner and became a cash company after it sold its businesses for S$625 million in 2014 to Mermaid Marine Australia.

Trading of Jaya's shares will continue until 5.05pm, Nov 1, 2017, after which trading will remain suspended until completion of the delisting.