News and Announcements
iFAST Propose Acquisition Of A Stockbroking Firm In Hong Kong
- Published June 11, 2015 10:57AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
10th June 2015
The Board of Directors of iFAST Corporation Ltd. (“the Company” or together with its subsidiaries, the “Group”) wishes to announce that the Company had entered into an Agreement for the Sale and Purchase of the entire share capital of Winfield Securities Limited (“Winfield Securities”) representing 10,000,000 shares of HK$1.00 each in the issued and paid-up share capital of Winfield Securities (“Proposed Acquisition”) from Messrs Heng Kwai Shan and Chung Wai Mun. The Proposed Acquisition is subject to approval from the Securities & Futures Commission of Hong Kong.
Winfield Securities is principally engaged in securities trading and brokerage in Hong Kong. It is licensed to carry Type 1 (Dealing in Securities) regulated activity under the Securities and Futures Ordinance (CAP571 of the Laws of Hong Kong) and is a Stock Exchange of Hong Kong Limited Participant and Hong Kong Securities Clearing Company (“HKSCC”) Participant. The Proposed Acquisition will allow the Company to conduct securities brokerage services in Hong Kong and expand the range of investment products available on its investment platform.
The purchase consideration for the Proposed Acquisition is the total of HK$4.7 million and the adjusted unaudited net asset value of Winfield Securities based on the Updated Management Accounts at completion date. The purchase consideration was arrived at on a willing buyer willing seller basis, after taking into consideration the unaudited financial statements of Winfield Securities for the year ended 31 March 2015. Based on the unaudited financial statements of Winfield Securities for the year ended 31 March 2015, the total purchase consideration is estimated to be approximately HK$14.7 million. The Company has paid HK$500,000 upon the signing of the Agreement as deposit and part payment of the purchase consideration.
iFAST Corporation Ltd. (“iFAST Corp”) is an Internet-based investment products distribution platform. Listed on the SGX-ST Mainboard, iFAST Corp provides a comprehensive range of services, including investment administration and transactions services, research and trainings, IT services and backroom functions to banks, financial advisory firms, financial institutions, multinational companies, as well as investors in Asia. The company is also present in Hong Kong, Malaysia and China.
The following announcement has been uploaded onto iFAST Corporation Investor Relations website:
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