Catalist-listed Asia Vets Holdings has entered into a conditional sale and purchase agreement with RHT AlDigi Financial Holdings and AlDigi Holdings to acquire 100% of the ordinary shares in the issued and paid-up share capital in the company.
As part of the proposed acquisition, Asia Vets will pay $45 million by issuing 335,436,357 new ordinary shares at $0.13415 per consideration share, reads a press release on Dec 31.
The proposed acquisition is subject to the approval of the company’s shareholders and adds an additional revenue stream as well as an opportunity to diversify the group’s portfolio of businesses, says Asia Vets.
Tan Tong Guan, Asia Vets Holdings' executive chairman and chief executive officer, says: “We have been actively exploring various acquisition opportunities to maximise value for shareholders and enable the company to achieve higher revenue levels. The proposed acquisition, when completed, is expected to enable us to capture opportunities within the fastgrowing financial and technology business and we are confident of the industry’s significant long-term growth prospects.”
The target’s subsidiaries are digital finance and technology firm RHT DigiCapital, intellectual property consultancy RHT i-Assets Advisory, and its proposed subsidiary, capital markets advisory firm RHT Capital.
The proposed acquisition will enable the company to build on the target group’s established continuing sponsorship and licenced corporate finance business to develop new digital solutions to serve both traditional and digital finance markets, adds Asia Vets in a press release.
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Jayaprakash Jagateesan, AlDigi Group chief executive officer, says: "We have developed a FinTech platform to reshape the capital markets to become the gateway to diverse digital assets and investments, built on a commitment to enhancing efficiency, accessibility and equal opportunity across capital markets and alternative investments. The proposed acquisition will further accelerate our efforts to develop new innovative products to capture the fast-growing digital security token economy with a focus on real estate, non-fungible tokens, and environmental, social and governance investments.”
Following the proposed acquisition, the group will continue to own and operate its veterinary business.
Asia Vets Holdings, through its wholly-owned subsidiary, AVH Animal Ark, provides veterinary care and clinical services to small animals in Singapore. The group currently operates two veterinary clinics providing a full range of general veterinary services including medical, surgical and dental care for small animals and after-hours emergency services.
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Asia Vets Holdings was founded in 2003 as Smartflex Holdings, changing its name in July 2018. The company has beeen publicly listed since July 2010.
As at 12.16pm, shares in Asia Vets are trading 3.1 cents higher, or 62% up, at 8.1 cents.
