Monday, February 4, 2013

Rowsley

Rowsley: Grp has sealed the two deals it needed to transform into a property player, a move that comes after it made known in Dec last year plans to acquire RSP Architects Planners & Engineers and a 9.23-hectare plot of land in Iskandar in Johor. To reward existing shareholders, Rowsley said that it will issue a free bonus of two warrants for every existing share held, once all the necessary shareholder and regulatory approvals for the deals are received. Each warrant will have an exercise price of 18c/share. Under the deal, Rowsley will pay RSP by issuing up to 1.25b Rowsley shares at 15c a share. The maximum purchase price of $187m works out to a P/E ratio of 7.5x. Plans are afoot to develop the land into an integrated mixed-use township with a major shopping, entertainment, and residential complex. There will also be hotel, commercial, and office developments, it said.

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