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W Corp gets SGX approval for S$490.9m reverse takeover by YuuZoo

Singapore-based e-commerce firm YuuZoo Corp aims to become a listed company on the Singapore Exchange (SGX), following in-principle approval by SGX for its reverse takeover of W Corp.

SINGAPORE: Singapore-based e-commerce firm YuuZoo Corp aims to become a listed company on the Singapore Exchange (SGX), following in-principle approval by SGX for its reverse takeover of W Corp.

Under the proposed deal, mainboard-listed W Corp will issue around 490.9 million new W Corp shares valued at S$490.9 million to YuuZoo's shareholders, W Corp said in a filing on SGX on Monday.

W Corp will also undertake a share consolidation exercise whereby 10 existing shares will be consolidated into one new W Corp share.

The transactions will result in YuuZoo's shareholders getting more than 80 per cent of W Corp, a spokesman for W Corp said.

YuuZoo builds Targeted Social eCommerce Networks, which bring together consumers
who share similar interests, location or age group. Its platform is able to run on Android, Apple's iPhone and Blackberry.

The firm was established in 2008 and led by chairman and CEO Thomas Zilliacus, who was formerly the regional director and president of Nokia.

W Corp is currently involved in the trading of solar grade silica, silicon metal and light-emitting diode components. 

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