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Singapore, 29 December 2017 – Nexia TS is pleased to announce that it has successfully supported Changjiang Fertilizer Holdings Limited in its Reverse Takeover (RTO), effective 29 December 2017. The Company acquired property development business, Chiu Teng 8 Pte Ltd, investment in real estate business, WBH Investments Pte Ltd and Kempas Land. Previously listed as Changjiang Fertilizer Holdings Limited, the Singapore-listed company has been renamed to Olive Tree Estates Limited with the completion of the acquisitions and will be transferred from Main Board to Catalist.
Olive Tree Estates Limited resumed trading on the same day with share consolidation of every forty (40) ordinary shares into one (1) consolidated share, which was completed on 22 December 2017. Nexia TS was appointed as the Independent Auditor to the Company and Reporting Accountant to the enlarged group.
“We are grateful for the support extended by Meriana, Po Teng and the rest of the Nexia TS team in helping us to secure this decisive reverse takeover for our minority investors. The professionalism and dedication exhibited by the team led by Meriana has been exemplary and this important corporate exercise would not have been successful had it not been for their contribution and resolve.”
Daniel Long, Chief Executive Officer, Olive Tree Estates Limited
“Congratulations to Olive Tree Estates Limited for the successful RTO listing. We are delighted that the RTO has been successfully completed and would like to thank our client for their confidence in us for this undertaking. We wish them the best in their new strategic direction.”
Henry Tan, Managing Director, Nexia TS
About Olive Tree Estates Limited:
Olive Tree Estates Limited is an investment holding company and the completion of the proposed acquisitions would transform the Company into a boutique property developer specialising in real estate development in Singapore and the region. The Company aims to provide thoughtfully designed, affordable and quality housing to home owners and discerning investors alike.
About Nexia TS:
Nexia TS was founded in 1993 by two experienced chartered accountants – Henry Tan and Sitoh Yih Pin. After working as managers for one of the international accounting firms, they saw a vision and an opportunity to establish their own organisation – not any accounting firm – but one which is unique in their personalised and well-qualified expertise.
To date, Nexia TS is recognised as an established mid-tier local accounting firm. We have grown significantly in size over the years. Being an independent member firm of Nexia International, we are affiliated to accounting firms in many parts of the world. This means that our clients will get to enjoy personalised, comprehensive and quality services at competitive rates in Singapore and globally. Our reputation for quality has been recognised by clients and accounting professionals. As testimony to this, we are among the first few local accounting firms to be accredited by the Institute of Chartered Accountants in Australia to provide supervision of professionals undergoing traineeship to qualify as Chartered Accountants.
Headquartered in Singapore, Nexia TS has established a strong presence in various countries across the region. Nexia China is a one-stop centre providing advisory services for foreign-invested enterprises in China. NTS Malaysia and NTS Myanmar provide a full suite of corporate advisory services for our clientele with operations and new foreign investments in the respective countries. Nexia International is an international network of accounting and consulting firms with origins going back to 1971, making Nexia International one of the longest established networks. Currently, with more than 28,000 professional staff serving our clients at over 650 offices in 115 countries, it is ranked as the top 10 largest international accounting and consulting network.
For more details, please visit www.nexiats.com.sg.
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