On November 19, 2021, BINEX Inc. (“BINEX”) entered into a non-binding term sheet with Sinjia Land Limited※1 (“Sinjia”) in relation to the proposed acquisition of the entire issued and paid-up share capital of BINEX Singapore (Pte. Ltd.) (“BSG”), a subsidiary of BINEX. The proposed acquisition is expected to result in a reverse takeover (“RTO”)※2 of Sinjia. The objective is to strengthen BSG’s presence and raise funds from the Catalist market.
Sinjia is to acquire the entire issued and paid-up share capital of BSG for 80% of the valuation of BSG conducted by an independent qualified valuer, which shall not be lower than S$2 billion. The acquisition consideration will be paid via the issuance of Sinjia shares at a pre-consolidation issue price of S$0.35 per share.
For details, please refer to the announcement released by Sinjia on November 19, 2021.
※1 Sinjia Land Limited:
Representative: Cheong Weixiong, Executive Director/Group Chief Executive Officer
SGX Stock Code: 5HH
※2 Reverse Takeover (RTO):
A method by which an unlisted company can be listed through acquisition by or merger with a listed company, as set forth in the Listing Manual of the Singapore Exchange Catalist Market (Listing Manual Section B, Chapter 10).