SINGAPORE - Jaya Holdings, which became a cash company last year, has entered into a reverse takeover agreement to acquire a Papua New Guinea personal and consumer lending firm for $232.2 million in an all-share deal.

Under the agreement signed on Tuesday, Jaya will issue up to 725.6 million new shares to the five individuals who own Heduru Moni (Moni Plus), namely Bernard Chan, Tan Siew Ann Jason, Lee Chan Beng, David John Kelso and Gajanan Pandurang Barve.

The number of shares to be issued is based on a pre-consolidation issue price of 32 Singapore cents per share. The company plans to undertake a two into one share consolidation.

Jaya shareholders will also be entitled to a cash distribution of up to 38 cents per ordinary share prior to the completion of the RTO, whether via dividend or capital reduction, subject to shareholder approval, the company said.

Moni Plus, which has 25,000 customers, saw net profit rise to S$19.4 million for its 2015 financial year, from S$13.9 million in FY12014 and S$11.4 million in FY2013.

The RTO is subject to conditions including a valuation report on Moni Plus and regulatory approvals.