On December 10, 2021, 3DOM Inc. (“3DOM”) entered into a Sale and Purchase Agreement (the “SPA”) with Reenova Investment Holding Limited※1 (“Reenova”), a listed company on the Singapore Exchange (“SGX”) Mainboard, in relation to the proposed acquisition of the entire issued and paid-up share capital of 3DOM (Singapore) Pte. Ltd. (“3PL”) by Reenova (the “Proposed Acquisition”). The Proposed Acquisition is expected to result in a reverse takeover (“RTO”)※2 of Reenova. The objective is to strengthen 3PL’s presence and raise funds through the listing of 3PL on the SGX Mainboard via the Proposed Acquisition and subsequent procedures.
Reenova is to acquire the entire issued and paid-up share capital of 3PL for a consideration equivalent to 80% of the valuation of 3PL conducted by an independent qualified valuer, which shall not be lower than S$1.36 billion (approximately US$1 billion). Consideration for the Proposed Acquisition will be paid via the issuance of Reenova shares at a pre-consolidation issue price of S$0.0075 each to 3PL.
Following conclusion of the SPA, Reenova and a third party will conduct due diligence on and prepare a valuation of 3PL. The Proposed Acquisition is conditional upon the fulfillment or waiver of these and other conditions set forth in the SPA.
For details, please refer to the announcement released by Reenova on December 10, 2021.
3PL Representative Director Shusuke Oguro comments, “We are very pleased to enter into this Sale and Purchase Agreement. Singapore offers strong access to target markets in South and Southeast Asia and is one of the world’s foremost hubs for information. We therefore see listing in Singapore as a crucial step to increasing our presence in the region. We plan to use funds raised following conclusion of this agreement to realize our vision for a circular energy society.”
※1 Reenova Investment Holding Limited
Address: 60 Paya Lebar Road, #10-16 Paya Lebar Square, Singapore 409051
Representative: Chen Tong, Executive Chairman
Stock Code: 5EC
※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 SGX Mainboard Rules (Chapter 10, Part VIII).