Are sorghum plants and fuel cells worth the US$3 bil 3DOM Inc-linked RTO deals?

Lim Hui Jie
Lim Hui Jie2/24/2022 8:35 PM GMT+08  • 9 min read
Are sorghum plants and fuel cells worth the US$3 bil 3DOM Inc-linked RTO deals?
Two companies linked to Japanese battery make 3DOM have sought a total of US$3 billion in RTO deals. Are the valuations justified?
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Two Japanese companies with common shareholders are making moves into a pair of Singapore-listed firms via sepa­rate reverse takeover deals worth US$3 billion ($4.03 billion). Even as specif­ics of the deals have sparked queries from the market regulator, the parties involved have maintained their case is sound.

On Nov 17 last year, Reenova Investment Holding announced an RTO deal worth US$1 bil­lion to acquire an entity called 3DOM Singapore. If completed, the company formerly known as ISR Capital will transition from trying to mone­tise a rare earth concession in Madagascar into one that is developing and selling batteries.

The enlarged entity will be controlled by Japan-based 3DOM Inc, which was set up in 2014. The company’s name is derived from the 3DOM (Three-Dimensionally Ordered Mac­ro-porous) separator used in its battery tech­nology. Its representative director Masataka Matsumura is described as a former creative director and the designer of “a Japanese fash­ion brand”. Matsumura first served as direc­tor and is now 3DOM Inc’s representative di­rector and president.

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