Hatten Land signs term sheet to acquire Metrocon
Hatten Land Limited has signed a term sheet to acquire 100% of Metrocon Pte. Ltd. for $24 million in new shares. The acquisition, pending shareholder and regulatory approvals, is expected to be a reverse takeover under SGX Catalist rules. RHT Capital Pte. Ltd. will act as financial adviser. The deal aims to diversify Hatten Land's business and stabilize its finances, with completion anticipated within four weeks after meeting conditions. Hatten Land's shares have been suspended since August 2024, and the company is under judicial management.
Purchase price is $24m in new Hatten Land shares.
Hatten Land Limited (under judicial management) has entered into a binding term sheet to acquire 100% of Metrocon Pte. Ltd. from LBD Engineering Pte. Ltd.
The acquisition, if completed, is expected to constitute a reverse takeover under SGX Catalist rules.
The transaction is subject to shareholder approval at an extraordinary general meeting and regulatory approvals from the SGX-ST. RHT Capital Pte. Ltd. has been appointed as financial adviser and sponsor for the listing.
The parties aim to finalise a definitive share sale and purchase agreement by 31 December 2025.
The consideration is $24m, payable through new Hatten Land shares issued to the Vendor, subject to independent valuation.
Completion will depend on conditions including due diligence, shareholder approvals, regulatory consents, and no material adverse changes to Metrocon’s business.
Metrocon is a Singapore-based company specialising in general building construction, including piling and major upgrading works. The vendor has no existing connections with Hatten Land or its shareholders.
Hatten Land’s shares have been suspended since August 2024, and the company is under judicial management. The acquisition is aimed at diversifying the group’s business, stabilising its finances, and supporting a potential resumption of trading.
Completion is expected within four weeks of meeting all conditions precedent, or as otherwise agreed by the parties.
The term sheet will terminate upon execution of the SPA, mutual agreement to terminate, or 31 December 2025 if the SPA is not executed.
