Scorpio East

Scorpio East: The video distributor have entered a conditional sale and purchase agreement to acquire KOP Properties for $150m in a reverse takeover (RTO) deal, funded via an issue of 714.3m shares at $0.21 apiece. The long stop date to satisfy the conditions on the agreement will be 31 Jan 2014. Post RTO, Scorpio East will become a Singapore-based real estate developer that is also involved in the management and marketing of residential properties, as well as the hospitality management in Singapore, Indonesia and the United Kingdom. Following the acquisition, KOP Properties has proposed a compliance share placement to investors. Undertaking new shareholders include Han Seng Juan (2.6%), Ong Phang Hoo- Lian Beng's director (2.6%), Te Kok Chiew- ED of Super (2.6%).