Terratech to morph into property developer in RTO deal

SINGAPORE (June 9): Malaysian property developer Capital City Property is seeking a listing on the Singapore Exchange’s Catalist board through a reverse takeover of marble products producer Terratech Group.

Terratech will issue 4.3 billion shares at seven cents each to the shareholders of Capital City for their stakes in the company, valuing Capital City at $300 million.

Capital City’s main project is the eponymous Project Capital City, a development located in Johor Bahru comprising two towers that will house a hotel and serviced suites and three towers of serviced apartments, with a planned total of 945 units and 690 units respectively, and a six-storey mall.

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