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Jaya Holdings gets no-go from SGX for RTO of Papua New Guinea financial firm

Michelle Zhu Published on Wed, Sep 06, 2017 / 7:52 AM GMT+8

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SINGAPORE (Sept 6): Jaya Holdings says it has failed to obtain pre-clearance from the Singapore Exchange (SGX) for its proposed acquisition of a financial firm in Papua New Guinea, Heduru Moni, via a reverse takeover (RTO).

It was announced in May last year that the Mainboard-listed cash company had intended to acquire Heduru Moni for as much as $32 million.

See: Jaya Holdings to acquire Papua New Guinea financial firm in reverse takeover