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Axington, linked to Loh cousins, in $405 million RTO deal

The Edge Singapore
The Edge Singapore7/8/2021 6:52 PM GMT+08  • 2 min read
Axington, linked to Loh cousins, in $405 million RTO deal
The deal was announced just as Terence Loh was declared a bankrupt
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Axington, which is linked to the scandal-plagued Loh cousins, is poised for a $405 million reverse takeover deal of a China information services business.

Axington, which needs to find a new business in order to get out of its cash company status, will pay the vendor, one Gao Hong, new shares to be issued at no less than 19 cents each, as well as a cash portion of around $30 million.

According to Axington, the valuation of the target company, Veivo Web Technology, as indicated by the vendor, is $676 million.

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