Jaya Holdings to be delisted, must make exit offer after Heduru Moni acquisition attempt fails

Jaya said it needs to provide SGX with an exit offer proposal as soon as practicable and no later than one month from Oct 2.
Jaya said it needs to provide SGX with an exit offer proposal as soon as practicable and no later than one month from Oct 2.PHOTO: JAYA HOLDINGS

SINGAPORE - Mainboard-listed Jaya Holdings said in a pre-market filing on Tuesday (Oct 3) that it has been informed by the Singapore Exchange that it will be delisted and must an exit offer to its shareholders following the failure of its proposed reverse takeover of Papua New Guinea finance firm Heduru Moni.

Jaya said it needs to provide SGX with an exit offer proposal as soon as practicable and no later than one month from Oct 2.

Trading of the company's securities will continue until 5.05pm on Nov 1, after which it will remain suspended until completion of the exit offer.

Under Rule 1309 of the Listing Manual, a reasonable exit offer may include a voluntary liquidation of the company's assets and distribution of cash back to shareholders.

In the filing on Tuesday, Jaya said it terminated the proposed Heduru Moni acquisition on Oct 2 after it failed last month to obtain pre-clearance from SGX. The exchange had said Heduru Moni was not suitable for listing after considering the nature of its business, together with the jurisdiction risks of the acquisition target.

Jaya also said in the Tuesday filing that it received a notification from SGX on Oct 2 that an extension of time would not be granted for the company to comply with the requirements under Rule 1018(2) of the Listing Manual and therefore the company will be delisted.

It said it is currently considering its options and will continue to update shareholders on any further developments.

Jaya, previously an offshore fleet and shipyard owner, became a cash company after it sold its businesses for S$625 million in 2014 to Mermaid Marine Australia. It entered into a reverse takeover agreement to acquire Heduru Moni in May last year in a S$232.2 million all-share deal.