Jaya calls off Heduru Moni reverse takeover; to be delisted from SGX
Cash company Jaya Holdings will be delisted from the
Singapore Exchange (SGX) after calling off a reverse takeover deal that failed
to receive regulatory approval.
Jaya, once an offshore fleet and shipyard owner, said on
Tuesday that the proposed deal with Papua New Guinea finance firm Heduru Moni
has been terminated.
The SGX also rejected Jaya's application for an extension of
time to obtain an operating business. With the collapse of the Heduru Moni
deal, and without an extension of time from the SGX, Jaya or its controlling
shareholders must now make an exit offer within a month from Oct 2, 2017.
Trading of Jaya's shares will continue until Nov 1, 2017,
and will remain suspended after that until the completion of the exit offer.
The proposed Heduru Moni deal, which would have given Heduru
Moni a backdoor listing on the SGX, hit a bump earlier this year when the
bourse declined to give pre-clearance approval for the deal on the grounds that
Heduru Moni was not suitable for listing on the SGX at this point in time.
Heduru Moni mainly makes education loans to children of
public officers.
Rachel Mui
03 October 2017
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