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Revez Corp lists on Catalist at 14.8 S cents following reverse takeover deal
REVEZ Corporation, formerly Jason Holdings, has resumed trading on the Singapore Exchange’s (SGX) Catalist board, opening at 14.8 Singapore cents, after a trade suspension dating back to Jan 14, 2016.
This was following the completion of its acquisition of creative technology provider Revez Group in a reverse takeover deal worth S$42.7 million. Revez Group was established in 2010, offering a multi-disciplinary blend of technology and creative media in handling public and private-sector projects.
On June 7, Revez Corp said that around 18.29 per cent of the company’s shares were held by 385 public shareholders, which met Catalist requirements of having 15 per cent of shares held by at least 200 shareholders at the time of listing.
Looking ahead, Revez Corp’s business will specialise in the design and development of solutions tapping new technology, immersive multimedia, artificial intelligence, Internet of Things, and information and communications technology, among others.
Revez Corp CEO Victor Neo said: “This day marks the beginning of our journey as a publicly listed company, and we hope that we will continue to garner the support from our existing as well as future shareholders, as we embark on a road to greater success.”
Mohamed Nasser Ismail, SGX's head of equity capital markets, added that in an increasingly knowledge-driven economy, Revez Corp has adopted an intellectual property-centric strategy, with a strong focus on research and development.
Revez Corp, with a market capitalisation of about S$61 million, saw 1.8 million shares change hands three hours after the market opened on Monday. The counter was flat at 14.8 Singapore cents, as at 11am.
Jason Holdings had first proposed the reverse takeover in November 2018, along with its disposal of its interest in 60 per cent owned-subsidiary White Cubic, a seller and distributor of tiles.
According to a circular issued on March 29, 2019, the reverse takeover deal is worth S$42.7 million, satisfied by the issuing of 11.64 billion shares to vendors Victor Neo Wee Han, Lim Kian Sing and Lee Han Chong at an issue price of 0.3664 Singapore cents upon completion.
Mr Neo is Revez Corp’s chief executive, executive director, and deputy board chairman; Mr Lim is executive director and chief operating officer; and Mr Lee is executive director and chief creative technology officer.
To meet the public float requirement of Catalist rules, Jason Holdings also undertook a compliance placement upon completion of the reverse takeover, resulting in the issuing of 21.6 million shares in the capital of the company at an issue price of 36.64 Singapore cents.