MAINBOARD-LISTED Seroja Investments has received a notification of delisting, now that its appeal for more time to sign a definitive agreement to acquire a new business has been rejected.

 

In a regulatory statement on Tuesday (Apr 11), the company disclosed that Singapore Exchange Securities Trading (SGX-ST) had notified it of its failure to meet listing rules, given that talks with a new target company for a potential reverse takeover were still ongoing.

 

SGX-ST also noted that &ldquo there remained significant uncertainties whether any definitive agreement would be executed&rdquo between the parties, and that the company must make a fair and reasonable exit offer to its shareholders.

 

Late last month, Seroja Investments announced plans to apply for more time to meet listing requirements, after it received an email from SGX-ST informing it of the impending delisting notice. The company said then that it was in discussions with a new company for a potential reverse takeover.

 

These came in the days after Seroja Investments announced that plans for it to acquire Denway Development in a reverse takeover had failed.

 

Seroja Investments became a cash company after selling its operating business in marine transportation and assets in 2019. It has since been searching for a new viable business in line with listing rules.

 

Trading in its shares has been suspended since October 2020 the last closing price was S$0.079.

 

SEROJA Investments will receive a delisting notice from the Singapore Exchange (SGX), after plans for it to acquire Denway Development in a reverse takeover failed.

 

Seroja Investments, which became a cash company after selling its operating business in marine transportation and assets in 2019 and has been on the hunt for a new viable business in line with listing rules, said in a bourse filing on Tuesday (Mar 21) that it had received an email from SGX informing the company that the delisting notification will be issued by Mar 24.

 

This is because the deadline for it to acquire a new business for a new listing lapsed on May 20 last year, and the company has not requested any deadline extension.

 

Seroja Investments announced the failed reverse takeover of Denway Development in a bourse filing on Monday. It entered into a conditional sales and purchase agreement with Nickel Global Group and Denway Development in May last year.

 

However, Nickel Global Group said it was unable to complete the deal, leaving Seroja Investments opting to terminate it.

 

Seroja said in Monday&rsquo s filing that it is in discussions with another company for a potential reverse takeover and that it will apply to SGX for more time if negotiations are successful.

 

Trading in the shares of Seroja Investments has been suspended.