The proposed transfer of its listing status on the Main Board of SGX-ST to Tech Onshore MEP-Prefabricators on the Catalist Board will not take place as agreed on Nov 28, 2019, say the judicial managers of Swissco Holdings.

This is due to Tech Onshore MEP-Prefabricators not being able to complete the proposed transaction by the previously agreed timelines.

Both parties have thus, mutually agreed to terminate the agreement, which was signed on Jan 31, 2020.

Separately, Swissco has entered into a memorandum of understanding (MOU) with INITIA Group and its owner, Luke Sang Wook Yi.

The MOU is in relation to the proposed corporate restructuring involving Swissco and the INITIA Group.

Tardis Capital has been appointed as the corporate advisor to Sang and INITIA, and introducer in relation to the new proposed transaction.

As at Jan 14, the current structure for the new proposed transaction is a transfer of Swissco’s listing status on the Main Board to INITIA Group on the Catalist Board.

INITIA Group is involved in providing hair salon, food and beverages and related services under the brands Walking on Sunshine, Leekaja and Cote & Minam in Singapore and Malaysia.

The MOU is not legally binding.

The new proposed transaction, if effected, will result in the delisting of Swissco and the listing of INITIA Group or a new Singapore company directly or indirectly holding the latter.

In connection with the new proposed transaction, Swissco will hand the issuance of shares in the new company to its shareholders and creditors subject to the settlement of an agreed portion of the debts it owes.

The total number of consideration shares held by Swissco’s shareholders and creditors would represent some $3.25 million in value of the enlarged share capital of the new listco, or INITIA Group.

This is provided that the remaining shares in the new company will be held by Sang or other existing shareholders of Swissco.

Both parties have agreed to negotiate exclusively for a period of 45 days.


See: Swissco seeks court protection on debt woe