Firstlink in S$150m reverse takeover of Tai-Ao Aluminium

China-based Tai-Ao Aluminium Group is being injected into Singapore mainboard-listed Firstlink Investment Corp in a S$150 million reverse takeover.

But for the deal to go through, Firstlink must first boost its share price to 20 Singapore cents per share before issuing the consideration shares to Tai-Ao.

To do this, the company will consolidate its share holdings and issue new shares to reach a total market cap of some S$285.4 million or over 948.4 million shares.

Firstlink said the consideration price of S$150 million will be fulfilled by a maximum issue of 1.36 billion consideration shares based on the issue price of 11 cents before the share consolidation exercise.

Tai-Ao Aluminium is an integrated manufacturer of aluminium products based in Taishan, China.

Firstlink had previously been involved in the mining, sale and distribution of salt products.