Jaya Holdings has failed to acquire an oil palm and timber business, giving the cash company just three months to find an operating business or face delisting from the Singapore Exchange, the company says on Wednesday.
An exclusivity period for a planned acquisition of the Indonesian business from one Hery Hermawan and his family expired on Tuesday after having already been extended in July. The all-share deal, which would have been a reverse takeover, was first announced in May.
"The company will continue to pursue appropriate opportunities to acquire a new business with a view to meeting the requirements for a new listing," the company says.
Jaya became a cash company on June 4 last year, following the sale of its offshore fleet and shipyards. SGX in May granted the company a six-month extension to meet listing rules that require cash companies to acquire new businesses.
SGX in May granted the company a six-month extension to meet listing rules that require cash companies to acquire new businesses.
The stock last traded 0.1 cent higher at 3.3 cents on Tuesday.
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An exclusivity period for a planned acquisition of the Indonesian business from one Hery Hermawan and his family expired on Tuesday after having already been extended in July. The all-share deal, which would have been a reverse takeover, was first announced in May.
"The company will continue to pursue appropriate opportunities to acquire a new business with a view to meeting the requirements for a new listing," the company says.
Jaya became a cash company on June 4 last year, following the sale of its offshore fleet and shipyards. SGX in May granted the company a six-month extension to meet listing rules that require cash companies to acquire new businesses.
SGX in May granted the company a six-month extension to meet listing rules that require cash companies to acquire new businesses.
The stock last traded 0.1 cent higher at 3.3 cents on Tuesday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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