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Singapore : Aussino Group in $60m reverse takeover deal
Publish Date : 19-Jun-2012
Aussino Group Ltd said on Monday it has entered into a $60 million reverse takeover deal with Max Strategic Investments Pte Ltd.
Under the agreement, Aussino Group said it will issue new ordinary shares of the company to Max Strategic Investments a Singapore-company which intends to engage in the business of operating petrol kiosks in Myanmar by the time the proposed acquisition is completed.
Aussino Group said the proposed acquisition will result in a change in control of the company and would constitute a very substantial acquisition or reverse takeover.
Additionally, upon completion of the acquistion, an 85 per cent stake of all of the company\'s existing businesses and undertakings shall be disposed of to its controlling shareholder, Anthony Lim.
