Announcement in relation to Company Status
Sydney, Sep 29, 2021 AEST (ABN Newswire) - SIWA GROUP Limited (
NSX:SAA) wishes to provide the following update to the market.
The company has formally engaged an Independent Expert to review and provide a subsequent opinion on a proposed equity investment in to Siwa Group Limited. The potential investor is a Singapore domiciled property "Fintech" company with a strategic focus towards Indonesia.
The proposed use of funds would go towards a combination of debt servicing, capital expenditure, operational expenditure, and corporate restructuring exercises in relation to the proposed Initial Public Offering of the Company's wholly owned Indonesian subsidiary - PT Siwa Group Property.
The Board of Directors are aiming for the results of this independent analysis of this strategy to be available to shareholders by Thursday the 14th of October, at which point a Notice of Meeting will be issued to eligible shareholders in order to vote on the findings of the Independent Expert Report and Explanatory Statement in connection with any proposed transaction.
About SIWA Group
SIWA Group Ltd (NSX:SAA) is a diversified composite mat operator whose primary business is the sale, distribution, rental and operations of the Dur-Base(R) Composite Mat System. Dura-Base(R) Matting is engineered for all weather performance and is a one access solution that covers all the bases.
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