Memstar Technology has agreed to sell its listed status on the Singapore Exchange (SGX) to Thailand mall operator TBN Property Co in exchange for shares of the incoming company.

Memstar, a cash company facing delisting from the mainboard, said yesterday it will undertake a transfer of its listing status to TBN through a scheme of arrangement.

In exchange for the listing status, TBN will issue $6 million of its own shares to Memstar, which will distribute those shares to Memstar shareholders after settlement of outstanding debts.

TBN, which may have to conduct a compliance placement to restore its public float, will also seek to transfer from the mainboard to SGX's sponsor-based Catalist platform.

The deal projects an indicative valuation of at least $100 million for TBN, which owns three community malls in Bangkok.

Those malls are The Paseo Mall in Lat Krabang district, The Paseo Town in Ramkhamhaeng Road, and The Paseo Park in Kanchanapisek Road. Together, they occupy 123,000 sq m of land with 175,000 sq m of gross floor area.

TBN, which is wholly owned by Thai businessman Chan Lertprasertpakorn and his immediate family members, currently has an issued and paid-up share capital of 725 million baht (S$29.6 million).

The deal is targeted to be completed by March 31 next year.