How Singapore Billionaire Peter Lim Makes Money From Thin Air

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Not a single brick has been laid and the ground has yet to be broken on Singapore billionaire Peter Lim’s real estate venture in Malaysia’s Iskandar project. But it has already added around $95  million to his net worth on the basis of 29.9% shareholding of his investment vehicle Rowsley. Shares of the company are up around 370% since the real estate venture was announced.

Lim is converting Rowsley into a real estate player through a reverse takeover (RTO). It will acquire a 9.23- hectare vacant tract of land in Malaysia’s Iskandar region, just across the causeway from Singapore, by issuing 2.4 billion Rowsley shares at a price of $0.12 each, valuing it at about $280 million. It will also acquire Singapore’s largest design firm, RSP Architects Planners & Engineers, by issuing another 1.25 billion shares at $0.12 each. Together, the two deals are valued at $428 million. Read more...