Huangshan Zhongtian Weiliang Mining Co., Ltd. cancelled the acquisition of Huan Hsin Holdings Ltd in a reverse merger transaction.
The transaction is subject to completion of restructuring exercise, Huan Hsin Holdings Ltd disposing all of its existing businesses, consummation of due diligence, consolidation of every 20 shares of Huan Hsin Holdings Ltd into 1 share, completion of the allotment and issuance of 3.6 billion pre consolidation shares by Huan Hsin Holdings Ltd to Oriental Straits Investment Limited, obtaining clearance of the SGX-ST and shareholders of Huan Hsin Holdings Ltd in respect of the fund raising activities, approval of SGX-ST, approval of Board and shareholders' of Huan Hsin Holdings Ltd., all necessary consents, approvals and waivers of all the relevant government bodies, stock exchange and other regulatory authority, Huan Hsin Holdings Ltd remaining listed on the main board of SGX-ST at completion date, no prescribed occurrences having occurred, no material adverse change, Hsin Holdings Ltd. not having less than SGD 70 million of net cash on the completion date and third party approval. The transaction is expected to be completed no later than March 4, 2019. Wellmont Investment Limited acted as the introducer and will receive a fee of 1.5% of the consideration in the form of 481.8 million pre consolidation shares of Huan Hsin Holdings Ltd. Yap Lian Seng and Qiu Yang of ZICO Insights Law LLC acted as the legal advisors to Huan Hsin Holdings Ltd.
Huangshan Zhongtian Weiliang Mining Co., Ltd. cancelled the acquisition of Huan Hsin Holdings Ltd (SGX:H16) in a reverse merger transaction on August 14, 2018. The termination was done on the basis that tranche 1 subscription was not completed by July 31, 2018. The termination of the deal is not expected to have any material adverse impact on the net tangible assets per share and earnings per share of Huan Hsin Holdings Ltd for the financial year ending December 31, 2018.