Changjiang Fertilizer to transform into developer in $9.7 mil RTO deal

SINGAPORE (June 14): Cash holding company Changjiang Fertilizer Holdings on Monday announced that it has entered into a sale and purchase agreement with CTE Resources to acquire a 50% stake in Chiu Teng 8 (CT8) for a total consideration of about $9.7 million.

If successfully completed, the acquisition will constitute a Reverse Takeover or RTO of the company, says Changjiang Fertilizer.

As of now, CT8 is a private company whose shares are owned 50%, 40% and 10% shareholders CTE Resources, Affluence Resource and Chiu Teng Construction respectively.

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