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Lereno Bio-Chem to buy Malaysian property developer Majubina Projects in RTO
CASH company Lereno Bio-Chem Ltd could transform into a Malaysian property developer if a planned reverse takeover (RTO) comes into fruition.
The firm is planning to buy Malaysian property developer Majubina Projects for S$50 million, which will be fulfilled by the issuance of new shares in Lereno.
Majubina Projects is part of the SMD group which is involved in civil and structural works, interior fit-out, commodities trading, quarry operations, gold mining and property development. Majubina Projects has participated in property development projects in Seremban, Selangor in Terengganu in Malaysia.
Lereno said the proposed acquisition is line with with its corporate strategy of seeking a better business opportunity to lift its current "cash company" status.