reverse takeover (RTO)

Global Invacom cancels $280 mil acquisition of Tactilis due to 'difficulties' meeting agreement terms

SINGAPORE (April 22): Global Invacom, has cancelled its proposed US$200 million ($280 million) acquisition of Tactilis due to “difficulties in fulfilling all of the conditions precedent” in the sale purchase agreement (SPA) it signed with the vendor last year.

With the termination also comes the cessation of 5% coupon-rate convertible notes meant to be issued by Tactilus.

EMS Energy morphing into Vietnamese ship repairer in $16.6 mil RTO deal

SINGAPORE (Jan 3): EMS Energy, whose shares have been suspended three years ago, could have finally resolved its business viability issues through the proposed reverse takeover of a Vietnamese ship repairer.

Artivision seeks extension of long stop date for reverse takeover of e-payment solutions firm

SINGAPORE (Jan 2): Artivision Technologies has signalled a delay in its plans to acquire a 100% stake in e-payment solutions provider Mobile Credit Payment (MC Payment), as the group is now in discussions to extend the long stop date of its acquisition, which was originally due on Dec 31, 2018.

CPH morphing into SME lender in $62 mil RTO deal with oCap

SINGAPORE (Nov 22): PCB manufacturer CPH is transforming into an alternative financing provider for SMEs via a reverse takeover of oCap.

Under terms of the RTO deal, CPH will issue 5.15 billion new shares at 1.2 cents each to oCap, valuing the lender at $61.8 million.

CPH last traded at 0.8 cent before trading halt was called after market closed on Tuesday, valuing the company at $9.8 million.

oCap is a subsidiary of Delphinium Capital that is owned by insurer Swiss Life, and has a paid-up share capital of $21 million.

Epicentre eyes entry into regional property in RTO plan; ditches Apple reseller business, proposed rights issue

SINGAPORE (June 28): Loss-making Apple reseller Epicentre Holdings has entered into a memorandum of understanding to acquire two regional property companies for a total of $400 million.

The proposed acquisition of MacroCap Asia Capital, which owns Thailand-based property developer Asia ThaiYuan Construction and Development Co., and China hotel management group Gloria International Hotels, is expected to result in a reverse takeover (RTO) of Epicentre.

Artivision Technologies moves ahead with RTO of e-payment solutions provider for higher consideration of up to $125 mil

SINGAPORE (May 3): Artivision Technologies has executed a conditional sale and purchase agreement to acquire a 100% stake in e-payment solutions provider Mobile Credit Payment for a total consideration of up to $125 million.

If completed, the proposed acquisition will result in a Reverse Takeover (RTO) of Artivision.

See: Artivision Technologies in reverse takeover of e-payment solutions provider for at least $80 mil

Could Yoma be on the cusp of re-rating with potential spinoff?

SINGAPORE (Aug 21): OCBC Investment Research is maintaining its “hold” call on Yoma Strategic Holdings with an unchanged fair value estimate of 58 cents, following news of a slight adjustment to Yoma’s shareholdings in SHC Capital Asia post its proposed reverse takeover (RTO) deal.

To recap, the Myanmar-focused conglomerate is looking to spin off its tourism-related businesses through a RTO of SHC, which was announced in Oct 2016.

Hatten Land sinks into the red on RTO-related expenses

SINGAPORE (May 11): Hatten Land, the property development arm of Malaysian conglomerate Hatten Group, reversed to a loss of RM74.2 million ($24.1 million) for the third quarter ended March 31, compared to its RM5.6 million of earnings posted in the same quarter a year ago.

This comes despite a more-than-doubling of revenue of RM164.9 million for the quarter from RM74 million in the previous year, which was due to higher progressive sales recognised from the Hatten City Phase 2 and Harbour City projects.

Why is fintech company Ayondo choosing a backdoor listing?

SINGAPORE (Aug 26): Ayondo Holding, which bills itself as a fintech play, is planning to list on the local bourse through a reverse takeover (RTO) of suspended Catalist-listed real estate developer Starland Holdings.

On June 20, Starland inked a conditional sale and purchase agreement to acquire Ayondo for $157.5 million by issuing new shares. That is equivalent to about nine times the revenue Ayondo achieved last year.

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