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Two months have passed since the last quarter. Why is there no update from Carats?
Carats said that 4 of its former senior executives were arrested by Hong Kong's anti-corruption body and released on bail pending further investigations. The company said in a statement that its board had received a copy of a letter from the Corrupt Practices Investigation Bureau to SGX dated Oct 23 which said that Pat Y Mah, Chow Yiu-man and Rose Chow, who are former directors of Carats, and Leong Kwok-wah, a former CFO, were arrested by Hong Kong's Independent Commission Against Corruption (ICAC) on Sep 24, and that these persons have been released on ICAC bail.
Carats is set to have a new substantial shareholder. It has been informed that Cross Knight Group has entered into agreements to buy about 30.08m shares in Carats. This works out to about a quarter of its issued share capital. Carats said that it received a letter from Cross Knight on Fri wishing to put forward four individuals for nomination as directors. It said that it is 'considering the letter'.
The RTO fell through. The company is continuing the search for RTO opportunities.
It has inked a memorandum of intent with Citra International Investment for a reverse takeover offer worth at least US$300 million. Carats said in a statement it would acquire the entire share capital of International City Development Pte Ltd, a unit of Citra and a leading township developer in IndoChina.
Carats said it would issue new shares at between $0.07 to $0.08 each as part of the deal, resulting in a reverse takeover of the firm.