SINGAPORE : Rowsley Ltd said Sunday it will not complete a reverse takeover deal with Chinese power firm Perfect Field.
Perfect Field has failed to meet a power generation benchmark stipulated in the takeover agreement and therefore the deal will not go ahead, Rowsley said.
If Perfect Field separately seeks a listing on the Singapore Exchange, Rowsley will have an option to buy 5 percent of the company at a 25 percent discount to the initial public offering price, however. "
By the time of the initial public offering, we will have greater clarity on its production capacity, its growth potential and the valuation put on its business," said Koh Kim Huat, Rowsley's chief executive.
Under an agreement announced in May, Rowsley planned to buy Perfect Field by selling its owners 18 billion new shares, which would have made them Rowsley's largest shareholders.
<--------- Oh no... bad news for Rowsley investors :(
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