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Long-stop date for Artivision Tech reverse takeover pushed back to end-2020
CATALIST-LISTED video solutions provider Artivision Technologies has again extended the deadline for its planned reverse takeover (RTO) deal, though its board plans to submit a pre-admission notification for the deal to the bourse operator by end-October.
The long-stop date for the RTO by Mobile Credit Payment has been pushed back to Dec 31 by mutual agreement, from the previous target date of Sept 30, Artivision said on Friday evening.
In plans first announced in May 2018, Artivision will give up a 70 per cent stake in exchange for MC Payment, an electronic payment and online retail business.
Artivision, which became a cash company earlier that year, has until Feb 28, 2021 to complete the transaction and meet the requirements for a new listing on the Singapore bourse.
"Good progress has been made on the due-diligence exercise on the target group in respect of the proposed acquisition," the board has now said.
"The company will continue to provide updates to its shareholders, as and when there are material developments, including the company's progress in meeting key milestones of the proposed acquisition."