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Associate company of Japan Land in share swap with ATL Systems
By Desmond Wong, Channel NewsAsia | Posted: 19 August 2008 2119 hrs

 
 
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SINGAPORE : Japan Asia Holdings (Japan) Limited, a 14 per cent associate company of Japan Land, has announced a share swap with JASDAQ-listed ATL Systems.

The deal, which is expected to go through by November 4, will see Japan Asia achieve a backdoor listing on the Japanese exchange.

It could have a potential value of around S$452 million, based on the value and number of shares ATL will issue to Japan Asia.

Japan Land said in a statement that ATL will issue 5.21 new shares in exchange for every existing share in Japan Asia.

Reports said ATL will spin off its current business in software development and research, network maintenance and solutions consultation services into a new private entity after the share swap.

Japan Land has not stated if it will participate in the swap, or sell its shares back to Japan Asia.

Japan Land itself is currently the target of a takeover by Singapore tycoon Oei Hong Leong, who controls 4 per cent of the company and is offering S$0.60 per share.

The firm's share price closed at S$0.61 on Tuesday. - CNA/ms

 

 



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