Singapore's Carats in $300 mln RTO with Vietnam developer

Singapore's Carats in $300 mln RTO with Vietnam developer
Singapore-listed Carats Ltd., formerly known as Daka Designs, said Tuesday it has inked a memorandum of intent with Citra International Investment for a reverse takeover offer worth at least US$300 million.
Citra is a developer with projects in Vietnam and Cambodia.

Carats said in a statement it would acquire the entire share capital of City Development Pte Ltd, a unit of Citra and a town developer in Hanoi, Vietnam.

Carats said it would issue new shares at between S$0.07 to S$0.08 each as part of the deal, resulting in a reverse takeover of the firm.