Singapore-listed defunct offshore services provider, Jaya Holdings, has terminated its proposed acquisition of Indonesian-based oil palm and timber business Izzisen Global, and faces delisting from Singapore Exchange (SGX) in three months.
In its filing to SGX, the company stated that the exclusivity period for the proposed acquisition had expired on 1 September 2015, and consequently the term sheet has been terminated with effect from that date.
Jaya Holdings has not conducted any new business since June 2014 after selling off its offshore fleet and shipyards. This puts the company at risk from being delisted from the SGX, as it does not meet the requirement of exchange’s listing manual that obliges a cash company to obtain new business.
The SGX had granted Jaya Holdings a six-month extension in May 2015 to acquire new business, with an expiry date of 3 December 2015.
Back in June 2014, Jaya Holdings completed the disposal of all its subsidiaries to Mermaid Marine Australia. Subsequently, Mermaid Marine Australia was renamed to MMA Offshore; it possesses a fleet of more than 60 offshore vessels and four onshore facilities in Southeast Asia and Australia. MMA Offshore has since opened a new office in Singapore.