DTP Inter Holdings Corporation has completed the reverse takeover of 3Cnergy , morphing into a company that owns 17 hotels in the UK.
The new entity will commence trading as ProsperCap on Jan 26.
To fund the RTO, 3Cnergy has issued 1.3 billion shares at the issue price of 33 cents to DTP Inter Holdings, a unit of Thailand-based conglomerate DTGO Corp.
To meet minimum free float requirements, the company has also issued 210 million new shares at 33 cents, raising gross proceeds of $69.3 million.
CEO and executive director of ProsperCap Iqbal Jumabhoy calls the milestone the beginning of a new and exciting chapter. "We look forward to the strong support from DTGO Corporation," he adds.
Hansa Susayan, DTGO's business group chairman - finance and investments, calls Singapore an ideal location for DTGO Corporation to move toward its next strategic milestone.
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"Using a reverse takeover strategy to establish the listing of ProsperCap on the Catalist Board of the SGX enabled us to move efficiently and quickly while still benefiting from the assurance of governance and transparency that Singapore is known for,” he adds.
PrimePartners Corporate Finance is the sponsor and financial adviser for the RTO, as well as the placement agent for the compliance placement. It will also be the sponsor of ProsperCap following the RTO.
