Denway Development Limited agreed to acquire Seroja Investments Limited for $2 billion in a reverse merger transaction on May 20, 2022. As per the transaction, Seroja Investments Limited will issue 5.46 billion shares to the shareholder of Denway Development Limited. The transaction is subject to approval by SGX stock exchange and approval of listing of new shares.

Denway Development Limited cancelled the acquisition of Seroja Investments Limited in a reverse merger transaction on March 20, 2023.