Epicentre Holdings' $400 million proposed reverse takeover of two real estate companies, which was supposed to reposition the firm as a regional property player after it exited the local Apple reseller business, is now off.
Epicentre said in a Singapore Exchange announcement yesterday that it, MacroCap Asia Capital, owner of Thai property developer Asia ThaiYuan, and Chinese hotel manager Gloria International had failed to agree on the terms for the proposed acquisition and do not expect to ink any deal within six months of their memorandum of understanding signed on June 27.
The company had proposed to pay $375 million for MacroCap and $25 million for Gloria by issuing 1.74 billion new shares at 23 cents apiece.
Epicentre said: "The discontinuance of the proposed acquisition will not have any material financial impact on the group. The company remains committed to exploring new business areas with potential for growth, in order to provide regular and growing revenue streams for the group and to enhance the long-term value for the company and shareholders."
The company last month completed its sale of its Apple reseller business here to a rival for just $516,275, which would also mean a proceeds deficit of $950,000. It continues with its Apple reseller business in Malaysia and beauty and hair removal business Japan IPL Holdings, it said last month.
In yesterday's statement, the company said it will continue to fulfil a proposed placement to issue up to around 79.7 million new shares at no less than 12 cents a share, for net proceeds of some $9.3 million.
Sembcorp Marine has appointed retired KPMG audit partner Tan Wah Yeow as an independent director and member of the audit committee with effect from Dec 10, it announced yesterday morning before the market opened.
The board said that having considered the nominating committee's recommendation and assessment of Mr Tan's qualifications and experience, as well as an assessment of his independence, it was "satisfied that he will add valuable knowledge, skills and experience to the board".
Mr Tan is considered independent by the board as he retired as deputy managing partner of KPMG Singapore more than a year ago in 2017. He is a director on the boards of Mapletree Logistics Trust Management, M1 and Genting Singapore.