AsiaPhos plans $59.4m acquisition of Exquisite Mode in reverse takeover

The board believes the deal would allow the company to enter a new growth area.

AsiaPhos Limited plans to acquire property developer Exquisite Mode for $59.42m from United Malayan Land.

“The board believes that the proposed acquisition will provide an opportunity for the company to venture into a new business area that has potential for growth,” AsiaPhos said in a bourse filing.

The acquisition, if undertaken and completed, is expected to result in a reverse takeover of the company at an extraordinary general meeting (EGM).

Evolve Capital Advisory has been appointed as the financial adviser for the transaction.

Exquisite Mode, which has a paid-up capital of $76.9m (RM253.1m), is 97.41% owned by United Malayan Land and 2.59% by Musa Michael Lee Abdullah.

Its assets include the Amari Johor Bahru hotel with 242 rooms, 92 serviced residences, a retail podium, and 496 parking spaces, all within the Suasana Iskandar development.

($1 = RM3.29)

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia