PERSONAL and consumer loans company Heduru Moni, also known as Moni Plus, is set to be acquired by Jaya Holdings, a Singapore-based cash company, for S$232.2 million.
The owners of Moni Plus will acquire over 725.6 million shares in Jaya at S32 cents each, giving them Jaya’s listing on the Singapore Exchange (SGX) – in a reverse takeover (RTO) of the company.
Jaya plans to undertake a two for one share consolidation once the deal is completed, with Jaya shareholders also entitle to a cash distribution of up to 38 cents per ordinary share prior to completion of the RTO.
In a joint announcement, Moni Plus said it aimed to raise its profile as a leader in financial services in PNG and to seek expansion opportunities into emerging markets in South East Asia through this exercise.
Heduru Moni managing director David Kelso said the deal signed with Jaya was the final step in a long term aspiration of the company to seek a listing on an exchange like that of Singapore.
“A listing on the SGX Mainboard will further enhance our profile as a leader in financial services in PNG. With high international standards of governance, emerging market experience and strong management, we are poised for further growth,” he said.
“We certainly look forward to being able to share our potential and achievements with the shareholders of Jaya Holdings in the months and years ahead.”
The deal will require the approval of regulators and company shareholders as well as the completion of relevant legal and financial due diligence.
Jaya, previously an offshore energy services provider before its listed entity sold that business in 2014, is owned by its directors Bernard Chan, Tan Siew Ann Jason, Lee Chan Beng, David John Kelso and Gajanan Pandurang Barve.
It is envisaged that Moni Plus will nominate new directors to the company board once the acquisition is completed.