Jaya Holdings is proposing to buy a Papua New Guinea micro-lending firm for $237.6 million in an all-share deal.
Jaya, defined as a cash company under the SGX's Listing Manual after selling off its businesses, has entered into a non-binding agreement over the proposed acquisition.
Heduru Moni is the largest micro-lender in Papua New Guinea engaging in the provision of personal loans, asset financing, term deposits and foreign currency payments.
Jaya intends to acquire the company by issuing shares to the target company's owners. The acquisition is expected to result in a reverse takeover of the company. In conjunction, the company proposes a share- consolidation exercise of every two existing shares into one consolidated share.
The company said it believes the proposed acquisition will provide an opportunity for it to venture into a new business area.
"This will enable the company to enhance shareholder value and generate renewed investor interest in the shares of the company."
Offshore and marine firm Vallianz Holdings' wholly-owned unit Vallianz International has acquired a 75 per cent stake in Holmen Heavylift Offshore for US$6 million (S$8 million) in cash.
Following the acquisition, Holmen has become a subsidiary of the group.
Holmen and its subsidiaries are mainly engaged in the owning, operating and chartering of vessels. The acquisition was funded through internal resources.
Mutual fund company Global Investments has entered into an agreement to appoint Singapore Consortium Investment Management as the manager of the company, in place of ST Asset Management.
The directors will convene a special general meeting on April 29 to seek shareholders' approval for the proposed change in the manager. The company said yesterday that ST Asset Management's business strategy has changed and its current focus is on the management of funds of its related companies.
ST Asset Management notified the company of its desire to relinquish its appointment as manager, and proposed that Singapore Consortium Investment Management be appointed the new manager.