Foundation engineering specialist Metrocon Holdings has initiated a $28 million reverse takeover (RTO) of Hatten Land, aiming to secure a listing on the Singapore Exchange (SGX).
The proposal requires approval from Hatten Land shareholders, marking a strategic pivot for the embattled property developer as it seeks a new corporate identity under Metrocon's ownership.
The deal value of $28 million reflects the current market valuation of the listed shell, which has likely been depressed due to Hatten Land's prior financial challenges.
The transaction underscores the continued viability of reverse takeovers as a pathway to public markets for private firms in Singapore.
By acquiring Hatten Land, Metrocon bypasses the traditional initial public offering process, potentially accelerating its access to capital markets while providing Hatten Land with a fresh operational direction.
The deal value of $28 million reflects the current market valuation of the listed shell, which has likely been depressed due to Hatten Land's prior financial challenges.
This move arrives amid a broader wave of capital market activity in the region.