Epicentre eyes entry into regional property in RTO plan; ditches Apple reseller business, proposed rights issue

SINGAPORE (June 28): Loss-making Apple reseller Epicentre Holdings has entered into a memorandum of understanding to acquire two regional property companies for a total of $400 million.

The proposed acquisition of MacroCap Asia Capital, which owns Thailand-based property developer Asia ThaiYuan Construction and Development Co., and China hotel management group Gloria International Hotels, is expected to result in a reverse takeover (RTO) of Epicentre.

Asia ThaiYuan owns Smile Bangkok, a property development sitting on a land area of 14,856 sq m in downtown Bangkok. It is planned to be transformed into a large-scale complex comprising a premium shopping centre, commercial spaces for offices, as well as two towers housing a 434-room hotel and a 260-unit condominium.

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