SGX-listed Artivision to buy Singapore's MC Payment for S$80 million
01 November 2017 | 2109 views | 0
SGX Catalist-listed Artivision Technologies Ltd. (the “Company” or “Artivision”, and together with its subsidiaries, the “Group”) announced today that it has entered into a conditional and non-binding HOA with MC Payment, an established Asia Pacific electronic payment solutions provider, to acquire its entire issued and paid-up share capital and convertible bonds from itsshareholders and bondholders for a Total Consideration of not less than S$80.0 million (the “Proposed Acquisition” or “Proposed RTO”).
The convertible bonds of MC Payment consist of Series B Bonds and Series C Bonds with an aggregate principal value of S$5.5 million with interest accrued and outstanding thereon.
On the Proposed RTO, Mr Kenneth Goh, Executive Director and Chief Executive Officer of Artivision Technologies Ltd. commented, “The expansion into the fintech business aims to breathe new life into the Company as we reposition ourselves for long-term growth. This would also make us as one of the first fintech company to be listed on the Singapore Exchange, at a time when Singapore is positioning herself to be the world’s leading fintech and innovation hub. We are confident that this is an exciting industry which offers a multitude of growth opportunities that will provide long-term shareholders value.”
Mr Anthony Koh, Founder and Chief Executive Officer of MC Payment said, “The proposed listing in Singapore through Artivision marks a significant milestone in our growth story. Over the years, we have remained focused in our aim to build a cashless society and our vision to be the region’s foremost omni-channel and omni-payment solutions provider. The result is the establishment of a scalable infrastructure which transcends borders and payment systems in the APAC region. By reacting quickly to adapt to the market’s needs, we have positioned ourselves favorably as an enabler of holistic payment solutions to businesses in the region. Our unique position underscores the success of our business model and the proposed listing in Singapore is an excellent platform which will further raise our profile, enable us to better serve our customers and provide us access to the broader investor community, bringing us to our next phase of growth.”
Mr. Ching Chiat Kwong, controlling shareholder of Artivision Technologies Ltd. added, “Upon completion, the Proposed RTO will mark a new and exciting era for the Company as it embarks on a new strategic direction to drive corporate recovery. I am reasonably confident that the ability to capture the rising opportunities of the fintech industry will deliver a reasonable share of value to shareholders of the Company. As a major shareholder and leveraging on my business network, I look forward to play a more active role in this new business venture and to steer the Company back to profitability.”