Rowsley, the investment holding company controlled by billionaire businessman Peter Lim, RSP Architects Planners & Engineers, Singapore’s leading architecture practice, and Vantage Bay Sdn Bhd, a developer of a mixed-used project in Malaysia’s Iskandar region, today announced plans for a $581 million deal that will transform Rowsley into a major real estate player.

The all-share deal, when finalised, will see the 56-year old architect firm headed by prominent architect and businessman Dr Albert Hong, listed on the SGX through Rowsley. It will be one of only two building design and engineering practices that will be listed on the SGX.

Rowsley will acquire RSP from Dr Hong and four of his partners for up to $223 million, to be paid by the issue of Rowsley shares at $0.15 per share. At the same time, Rowsley has also entered into another term sheet with Vantage Bay Sdn Bhd to buy the latter’s 9.23 hectares land at Iskandar for $358 million.

If the deal goes through, Rowsley will reward existing shareholders with a free bonus issue of two warrants for every one existing share, each warrant with an exercise price of $0.18 per share.

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