The Straits Times
Published on Dec 21, 2012

Rowsley plans to acquire RSP Architects, Iskandar land in $581m deal


Rowsley, an investment holding company controlled by billionaire Peter Lim, RSP Architects Planners & Engineers and Vantage Bay, a developer of a mixed-used project in Malaysia's Iskandar region, have teamed up in a $581 million deal that will transform Rowsley into a real estate player.

The all-share deal, when finalised, will see the 56-year old architect firm headed by prominent architect and businessman Albert Hong listed on the SGX through Rowsley. It will be one of only two building design and engineering practices that will be listed on the SGX.

Rowsley will acquire RSP from Dr Hong and four of his partners for up to $223 million, to be paid by the issue of Rowsley shares at 15 cents a share. At the same time, Rowsley has also entered into another term sheet with Vantage Bay to buy 9.23 ha of land at Iskandar for $358 million.

If the deals go through, Rowsley will reward existing shareholders with a free bonus issue of two warrants for every one existing share, each warrant with an exercise price of 18 cents a share.