CATALIST-debutant Serial Achieva starts trading on Thursday (Jun 27), following the completion of a reverse takeover by Axington Inc.
Axington bought the entire shareholding stake in Malaysian firm Achieva Technology and a 49 per cent shareholding interest in Achieva Digital (Thailand) under the reverse takeover.
The takeover raised gross proceeds of S$2.5 million via a placement of 12.5 million new shares at S$0.20 apiece. The proceeds will go into, among other things, the expansion of its IT products and computer peripherals distribution business in Asean. This is to be achieved through acquisitions.
Axington does not have any revenue-generating business and faces a delisting if it does not acquire a new business.
