Incredible Holdings (SGX:RDR) entered into a non-binding MoU with Sheng Tai International for a reverse takeover corporate exercise and strategic restructuring of the company, according to a Tuesday filing with the Singapore Exchange.
The proposed reverse takeover is part of the group's strategy to diversify returns and achieve long-term growth.
The takeover is expected to provide the group with new revenue streams and enhance shareholder value.
Under the terms of the takeover, Sheng Tai plans to inject a prime land asset located in Malaysia into the company for development and construction with the consideration for the asset injection to be satisfied by issuance of new shares in the company.
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