SINGAPORE - Mainboard-listed Jaya Holdings said on Tuesday (Sept 5) that its proposed reverse takeover of Papua New Guinea personal and consumer lending firm Heduru Moni has failed to obtain pre-clearance from the Singapore Exchange.
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.
Jaya said it was informed that taking into consideration the nature of Heduru Moni's business, together with the jurisdiction risks of the acquisition target, "it has not been demonstrated to SGX that the target is suitable for listing on SGX at this point in time."
Jaya said it is considering the options available and intends to seek further clarification from SGX on the pre-clearance.
It said shareholders should note that there is no certainty the proposed acquisition can be completed by the new completion date of Sept 30, 2017, in which event the agreement may terminate.
Jaya also reminded shareholders that it faces delisting unless it can meet SGX's new listing requirements by Oct 3, 2017.