Totm Technologies have proposed the acquisition of the remaining 49.0% shareholding of International Biometrics (InterBio), after first acquiring 51.0% shareholding in the total ordinary share capital of the company in April 2021.
The proposed acquisition is on an aggregate purchase consideration of up to US$46 million ($65.8 million) is to be satisfied via the allotment and issue of up to 470,470,000 new ordinary shares in capital at the fixed issue price of $0.14 per share, and is subject to the approval of the shareholders of Totm Tech.
InterBio is a private limited company established in 2017 in Singapore and is an investment holding company holding 99.0% of PT International Biometrics Indonesia (PT IBI), a leading identity management biometric software solutions company with strong execution experience and robust technology platforms.
PT IBI’s platforms are based on core technologies licensed from strategic technology partners, including Tech5 SA, like face, finger and iris biometrics listed in the top tier in NIST benchmarks. PT IBI currently serves mainly ministries and government agencies.
InterBio recorded a net profit after tax of approximately IDR12.34 billion ($1,149,000) for the financial year ended December 2021 and held a net tangible asset value of IDR 76.25 billion as at December 31 2021.
Totm Tech says it seeks to consolidate its various biometrics units to better capture market opportunities, and wishes to acquire InterBio for reasons including gaining full control of InterBio as it goes further into the biometrics business and capturing the full potential of InterBio.
See also: Pan-United seeks to make its concrete business sustainable in more ways than one
Shares in Totm Tech closed at 12 cents on Oct 17.
