Efforts to raise $254 million in fresh capital by Asiasons Capital were not realised, and this places fresh selling pressure on its share price.
A share placement exercise would have seen about 212,59 million new shares, but it has since lapsed, said the private equity firm on Monday.
It wanted to raise funds to strengthen its financial position and capital base, to make sure cash was available for opportunities in the mineral and oil and gas industries.
The investors were supposed to be Carnegie Hall Group, Spring Road Advisors, and the New York-based Partner Growth Capital and Platinum Partners Value Arbitrage Fund.
If completed, the investors would have owned 17.68 per cent of Asiasons.