Drew & Napier acted as counsel to DMG & Partners Securities Pte Ltd in connection with the S$110 million reverse takeover of Ultro Technologies Limited

07 Aug 2012

Drew & Napier acted for DMG & Partners Securities Pte Ltd (DMG), the financial adviser to Ultro Technologies Limited, in the acquisition (Acquisition) of the entire issued and paid-up share capital of Ley Choon Constructions and Engineering Pte Ltd for the consideration of S$110 million.

The Ley Choon group of companies is an established service provider of Underground Utilities Infrastructure construction and maintenance, sewer pipeline rehabilitation as well as road and airfield construction and maintenance in Singapore. Underground Utilities Infrastructure works include water pipes, NEWater pipes, gas pipes, electricity cables, fibre optic cables, sewer pipeline, traffic light systems and telecommunication networks. The group is also engaged in the businesses of production of asphalt pre-mixes and undertaking construction waste recycling, which complement its other business activities.

Following the completion of the reverse takeover of Ultro Technologies Limited, Ultro Technologies Limited was renamed Ley Choon Group Holdings Limited. Ley Choon Group Holdings Limited was listed on the Mainboard of the Singapore Exchange Securities Trading Limited on 6 August 2012.

To meet SGX-ST’s shareholding spread and distribution requirements, Ley Choon Group Holdings Limited also completed a compliance placement (Compliance Placement) with the allotment and issuance of 81,000,000 placement shares comprising 57,625,000 new shares and 23,375,000 vendor shares at S$0.22 per share, which raised net proceeds of approximately S$10.8 million. DMG and RHB Bank Berhad, Singapore Branch, were the joint placement agents. All the placement shares were fully taken up.

Associate Director Joanne Lee and Associate Loh Chun Kiat advised DMG on the Acquisition and the Compliance Placement.

Read more about Drew’s Capital Markets practice here.