Published April 21, 2017
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Date: April 21, 2017
Categories: Financial Technology, Markets Exchanges, technology, Transaction Banking, Wealth Management
Keywords: CoAssets, Fintech Pte, BML, SME
Further to the announcement released on 9 March 2017, CoAssets Limited, a crowdfunding platform specialising in facilitating funding for real estate and small to
medium‐sized enterprises, announces that today that it has entered into a Share Sale and Purchase Agreement (SPA) with the shareholders of Fintech Pte Ltd (FPL), a partner of Brighten Management Limited (BML) and a Subscription Agreement (SA) with BML. BML is a member company of Styland Holdings Ltd (HK EX code: 211) a HK main board listed company with a market capitalisation of more than HKD928 million Pursuant to the terms of the SPA and SA, the Company will acquire a total of 11,760 fully paid ordinary shares, i.e. 49% of FPL over four tranches from April 2017 to October 2018 and issue a total of 27,222,222 fully paid ordinary shares of the Company to BML in corresponding four tranches from April 2017 to October 2018. The four tranches to October 2018 together represent 6.25% of the current issued share capital of CoAssets. CoAssets will seek the necessary shareholder approvals for the issue of these shares.
The S$9.8 million investment will allow CoAssets to grow FPL’s online platform, “Piggiebank” and provide registered users with multiple investment products in the future. Piggiebank has raised more than S$8million over the past 12 months, and has an indicative valuation of S$20million.
“This acquisition greatly strengthens our internationalisation strategy,” said Getty Goh, CEO and Co‐founder of CoAssets. “This investment is an important milestone as we embark on our growth plan in the region, targeting Hong Kong as one of the largest financial hub in Asia Pacific. It will increase our market reach and assist us to achieve our financial objectives. FPL’s expertise and resources will also help to foster significant partnerships with Chinese users. This is a great win for our shareholders, partners, customers and employees.”
“We are pleased to partner with CoAssets,” said Mr Julian So, Chief Business Development Officer and Co‐Founder of Brighten Management Limited. “CoAssets’ proven technology, evolving innovation and world‐class management team will lead and drive the business to a whole new level. We are absolutely confident about our growth prospects, and the value that both Fintech and CoAssets bring to this strategic alliance.”
Re-disseminated by The Asian Banker