Jaya scraps acquisition as Dec 3 delisting deadline looms

JAYA Holdings has failed to acquire an oil palm and timber business, giving the cash company just three months to find an operating business or face delisting from the Singapore Exchange (SGX), the company announced early Wednesday.

An exclusivity period for a planned acquisition of the Indonesian business from one Hery Hermawan and his family expired on Tuesday after having already been extended in July. The all-share deal, which would have been a reverse takeover, was first announced in May.

"The company will continue to pursue appropriate opportunities to acquire a new business with a view to meeting the requirements for a new listing," the company announced.

Jaya became a cash company on June 4, 2014, following the sale of its offshore fleet and shipyards. SGX in May granted the company a six-month extension to meet listing rules that require cash companies to acquire new businesses.

Jaya said it will not receive any more extensions after Dec 3. If it cannot acquire a new business by then, it will be delisted.

Jaya shares last traded at 3.3 Singapore cents on Tuesday.