Sinjia Land's S$2b RTO may be revised with new valuation

Singapore

CATALIST-LISTED backpacker hostel operator Sinjia Land's reverse takeover (RTO) by sorghum producer Binex Singapore may not be based on the price tag of S$2 billion that had been previously announced, the board told the bourse regulator last Saturday (Feb 5).

Instead, Sinjia Land said that it has appointed EY Corporate Advisors as an independent qualified valuer whose upcoming valuation report will take precedence over a preliminary report that earlier calculated the valuation of Binex to be between US$2.5 billion and US$3.1 billion.