By BERNAMA /  Graphic By TMR

REV Asia Bhd has entered into a memorandum of understanding (MoU) with Catcha Group Pte Ltd to acquire a majority interest in a foreign-owned group of companies.

In a filing to Bursa Malaysia yesterday, the company said the MoU allows the parties to negotiate exclusively for three months and set out the understanding and intention in respect of the proposed acquisition.

It said the proposed acquisition was part of the company’s regularisation plan to regularise its Guidance Note 2 (GN2) condition to maintain its listing status on the ACE Market of Bursa Malaysia.

Details of the regularisation plan would be submitted to Bursa Malaysia in due course, it added.

Bursa Malaysia had, via a letter dated Aug 3, 2017, in- formed that Rev Asia was considered as a cash company pursuant to Rule 8.03 and GN2 of listing requirements.

In this respect, the company must strictly comply with the provision and requirements in Rule 8.03 and GN2, which, among others, required a proposal to be submitted to acquire new core business that would be substantially comprehensive and increase shareholders’ value. — Bernama