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)