Alpina Holdings' plans to acquire Dacai Pte Ltd, a company that owns a workers' dormitory, has fallen through.
The planned $24 million acquisition of Dacai was first announced by Alpina.
Dacai, held by one Dong Cai, owns the Wan Dormitory at 180 Woodlands Industrial Park E5.
Alpina, listed back in Jan 2022, was founded in 2003 by and provides construction and engineering services. It is led by executive chairman and CEO, Low Siong Yong, and executive director, Tai Yoon On.
In its Sept 16 announcement, Alpina notes that no definitive agreement has been signed with the seller and upon expiry of the exclusivity period on Sept 15, no agreement has been made between Alpina to extend the exclusivity period.
"The vendors have also informed the company on Sept 15 2023 that they do not wish to proceed with the proposed acquisition," states Alpina.
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It is now "considering" its options and rights for recourse against the vendors, including seeking a refund of a deposit already paid.
Back then, Alpina reasons that there was a shortage of dorms in Singapore. By acquiring Dacai, Alpina can house its own workers and also for investment.
On Aug 11, Alpina reported earnings of $140,000 for its 1HFY2023 ended June, down 92.9% y-o-y. Revenue in the same period was up 3.5% y-o-y to $25.56 million.
Alpina shares last traded at 19 cents, up 18.75% year to date.
