The consideration, which will be paid in cash, will comprise a subscription of new ordinary shares to be issued by ADG and the purchase of ordinary shares from ADG’s existing shareholders, including the four key shareholders which are the existing members of ADG’s board of directors, Vu; chief operating officer (COO) Pham Thi Thanh Tam; general director Dang Vu Toan; and vice-chairman and Ho Chi Minh City branch director Huynh Minh Vu. They will all continue to play active roles as ADG’s senior management, according to M1’s release.
Keppel subsidiary M1 announced, on Oct 29, that it has agreed to acquire a 70% stake in ADG National Investment and Technology Development Corp (ADG), a Vietnam-based information technology (IT) solutions provider, for a maximum consideration of up to VND719.88 billion ($37.8 million). As at Sept 30, ADG’s unaudited net asset value (NAV) and book value stood at VND151 billion.
ADG’s remaining 30% stake will continue to be held by its existing shareholders including chairman and founder Vu Minh Tuan. The acquisition will be made through M1’s wholly-owned subsidiary, AP Tech Holding Private Limited.
