SINGAPORE, June 3 (Reuters) - YuuZoo, a Singapore e-commerce firm run by the former Asia head of Finnish technology company Nokia, plans to go public through a S$490.9 million ($391 million) reverse takeover of W Corporation Ltd.
YuuZoo and electronic equipment manufacturer W Corp said in a joint statement late on Monday they have obtained approval for the transaction from the Singapore stock exchange. The deal will be submitted to existing W Corp shareholders for approval.
Under terms of the deal, 490.9 million new W Corp shares, valued at S$1 each, will be issued and allotted to existing YuuZoo shareholders. The companies didn’t disclose how the deal will be financed, nor how much of W Corp will be controlled by YuuZoo if the transaction is completed.
According to Singapore media reports, the deal will give YuuZoo, established in 2008 by Thomas Zilliacus, the former Asia director and president of Nokia, ownership of roughly 80 percent of W Corp.
$1 = 1.2563 Singapore Dollars Reporting by Andrew Toh; Editing by Kenneth Maxwell