Singaporean investment firm Rowsley said on Sunday it has axed its twice-delayed S$2.7 billion ($1.9 billion) reverse takeover deal with China solar power firm Perfect Field Investment.
Under the deal Rowsley -- which has a market value of just $87 million -- was to issue to Perfect Field 18 billion new shares at 15 Singapore cents each, making owners of the Chinese firm its biggest shareholders.
Rowsley, which has interests in ceramic tiles and paper products, said it pulled the reverse takeover (RTO) deal because certain conditions were not met, including the "key" condition for Perfect Field's plant in the Chinese province of Jilin to have an aggregate production capacity of 100 megawatts by October 31.