Asia-Pacific Strategic Investments is acquiring a 100% stake in a China-based investments manager cum property developer for RMB150 million ($33 million).
The proposed acquisition will result in a reverse takeover of APSI.
To help finance the deal, APSI announced in a separate filing it has agreed to place out 2.6 billion new APSI shares at $0.0054 each to Oei Hong Leong to raise $14.2 million. APSI shares last traded at $0.006.
Both the RTO and private placement deals will require the approval of shareholders.
Although the property group is currently loss-making as its projects are currently in the planning or construction stage, APSI says the acquisition of “one of the oldest real estate developers in China, will enable the company to enter the real estate development business in the country.
As at Sept 30, the book value of the target group is RMB148 million.
APSI says RMB80 million of the consideration will be paid in cash while the other RMB70 million will be paid through the issue of new APSI shares representing “28% of the enlarged share capital of the company”.
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The proposed acquisition will result in a reverse takeover of APSI.
To help finance the deal, APSI announced in a separate filing it has agreed to place out 2.6 billion new APSI shares at $0.0054 each to Oei Hong Leong to raise $14.2 million. APSI shares last traded at $0.006.
Both the RTO and private placement deals will require the approval of shareholders.
Although the property group is currently loss-making as its projects are currently in the planning or construction stage, APSI says the acquisition of “one of the oldest real estate developers in China, will enable the company to enter the real estate development business in the country.
As at Sept 30, the book value of the target group is RMB148 million.
APSI says RMB80 million of the consideration will be paid in cash while the other RMB70 million will be paid through the issue of new APSI shares representing “28% of the enlarged share capital of the company”.
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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