British and Malayan Holdings (B&M) have proposed the acquisition of 35% of PreceptsGroup International (PGI) for up to S$2.1 million.
The sale will be satisfied with a base consideration of $1.75 million in cash to be paid by B&M to PGI CEO Lee Chiwi, and an additional consideration of up to $350,000 to be paid if PGI’s FY2022 ending December 2022 ebitda is positive and its FY2023 ebitda is $500,000 or greater.
In a filing on SGX on Dec 29, B&M says that PGI is engaged in the wealth succession business in the “mass affluent to high net-worth sector”. PGI’s business comprises wills and estate planning, executorship and trustee administration services for estates, corporate secretarial and trust services.
PGI also offers complementary professional training and education programmes, provides the resources and networking platform for estate planning practitioners in the region who are accredited with the AEPP (Associate Estate Planning Practitioner) mark and designation and has embarked on digital estate planning and trust services.
B&M says the sale will bring benefits to its own business as well as expand the scope of its service offerings. This is in line with the B&M’s aspirations to grow within the financial wealth management sector.
Shares in B&M closed at $2.96 on Dec 29.
