Singapore-based personal finance platform, The MoneySmart Group, announced that it will be listing on the Catalist board of the Singapore Exchange (SGX) via a reverse takeover deal together with hotel operator Asia Pacific Strategic Investments (APS).
APS has been in talks for a reverse takeover of MoneySmart in a deal valued at US$161.7 million ($229.2 million), with both parties entering into the next stage of due diligence post agreement. The purchase consideration will be satisfied by the issuance of new ordinary shares in APS, which will collectively represent 80% of the enlarged share capital of the company upon the expected completion of the acquisition and a listing within the first half of 2023.
With the raising of capital, MoneySmart anticipates the rapid growth of the brand through investments in its membership and rewards programmes designed to deliver maximum value for its customer base. MoneySmart Plus rewards MoneySmart customers with cashback for transactions they would normally perform, and provides them with highly personalised financial product recommendations based on their profile and preferences.
In addition, the raising of capital through its listing will also power other strategic partnerships through potential mergers & acquisitions that allow MoneySmart to deliver even greater value for its customer base.
MoneySmart will also invest significantly into its new digitally-focused insurance brand Bubblegum, which launched earlier this year with Car and Travel insurance. Bubblegum intends to introduce a full suite of insurance products in the near future that deliver value and best in class digital experiences, at the fingertips of customers in Singapore and the region.
“We are both humbled and excited to be one step closer in making this listing a reality, and look forward to being able to give customers maximum value for their hard earned money. We want to also do this with a personal touch that makes them trust us with their most important financial decisions”, said MoneySmart’s CEO Vinod Nair.
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As at 11.45am, shares in APS are trading at 0.2 cent.
Photo: Unsplash
