SIWA Group (NSX: SAA) Announcement Regarding Company Status
Sydney, Sep 29, 2021 AEST (ABN Newswire) – SIWA GROUP Limited (NSX: SAA) would like 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 Siwa Group Limited. The potential investor is a Singapore-domiciled Fintech real estate company with a strategic orientation to Indonesia.
The proposed use of the funds would go towards a combination of debt service, capital spending, operating expenses and corporate restructuring exercises in connection with the proposed initial public offering of the Indonesian wholly owned subsidiary of the Company – PT Siwa Group Property.
The Board of Directors aims for the results of this independent analysis of this strategy to be made available to shareholders by Thursday, October 14, the date on which a convening notice will be sent to eligible shareholders in order to vote on the conclusions of the independent expert’s report and explanatory memorandum in relation to any proposed transaction.
About the SIWA Group
SIWA Group Ltd (NSX: SAA) is a diversified composite carpet operator primarily engaged in the sale, distribution, rental and operation of the Dur-Base (R) composite carpet system. The Dura-Base (R) mat is designed for all-weather performance and is a one-access solution that covers all bases.