AsiaPhos Limited sets out to acquire Exquisite Mode, a property development company, for $59.42 million from United Malayan Land.

 

This proposed acquisition is expected to result in a reverse takeover of AsiaPhos, which is subject to approval of shareholders at an EGM.

 

Evolve Capital Advisory has been appointed as financial adviser and sponsor in relation to the proposed acquisition.

 

Exquisite Mode has an issued and paid-up share capital of RM253.1 million comprising 19,361,000 ordinary shares, 97.41% owned by United Malayan Land and 2.59% owned by Musa Michael Lee Abdullah.

 

It owns and or manages assets of the following: an eleven (11) storey 5-star hotel tower comprising 242 rooms identified as Amari Johor Bahru ninety-two (92) units of serviced residences/suites a two-storey retail podium and four hundred ninety-six (496) car parking bays, all of which are located within the integrated development known as Suasana Iskandar.

 

AsiaPhos says that it has been striving to mitigate external risks and pursue sustained growth for its trading business, particularly in light of increasing geopolitical tensions and uncertainties in global trade policies. Following its acquisition in August 2024 of a new subsidiary engaged in the wholesale trade of fertilisers, it has been seeking suitable and profitable corporate, business and financing opportunities to enhance shareholders&rsquo value.

 

&ldquo The board believes that the proposed acquisition will provide an opportunity for the company to venture into a new business area that has potential for growth,&rdquo the release reads. In addition, Exquisite Mode&rsquo s proven track record of profitability will enhance the long-term interests of AsiaPhos, it adds.

 

Exquisite Mode&rsquo s assets are also in close proximity to the Johor Rapid Transit System (RTS) station, which positions AsiaPhos to ride on the future growth of the Singapore&ndash Johor Special Economic Zone, which is expected to drive demand for quality real estate, hospitality and related services.

 

AsiaPhos Limited sets out to acquire Exquisite Mode, a property development company, for $59.42 million from United Malayan Land.

 

This proposed acquisition is expected to result in a reverse takeover of AsiaPhos, which is subject to approval of shareholders at an EGM.

 

Evolve Capital Advisory has been appointed as financial adviser and sponsor in relation to the proposed acquisition.

 

Exquisite Mode has an issued and paid-up share capital of RM253.1 million comprising 19,361,000 ordinary shares, 97.41% owned by United Malayan Land and 2.59% owned by Musa Michael Lee Abdullah.

 

It owns and or manages assets of the following: an eleven (11) storey 5-star hotel tower comprising 242 rooms identified as Amari Johor Bahru ninety-two (92) units of serviced residences/suites a two-storey retail podium and four hundred ninety-six (496) car parking bays, all of which are located within the integrated development known as Suasana Iskandar.

 

AsiaPhos says that it has been striving to mitigate external risks and pursue sustained growth for its trading business, particularly in light of increasing geopolitical tensions and uncertainties in global trade policies. Following its acquisition in August 2024 of a new subsidiary engaged in the wholesale trade of fertilisers, it has been seeking suitable and profitable corporate, business and financing opportunities to enhance shareholders&rsquo value.

 

&ldquo The board believes that the proposed acquisition will provide an opportunity for the company to venture into a new business area that has potential for growth,&rdquo the release reads. In addition, Exquisite Mode&rsquo s proven track record of profitability will enhance the long-term interests of AsiaPhos, it adds.

 

Exquisite Mode&rsquo s assets are also in close proximity to the Johor Rapid Transit System (RTS) station, which positions AsiaPhos to ride on the future growth of the Singapore&ndash Johor Special Economic Zone, which is expected to drive demand for quality real estate, hospitality and related services.