LONDON – Fintech Asia Limited (LON:FINA), a financial technology company focused on the Asian market, announced the publication of a prospectus regarding its proposed acquisition of ICFG Pte. Ltd., a financial services group. The transaction is expected to transform Fintech Asia’s business scope and will result in the company’s name changing to ICFG Limited once finalized.
The acquisition, which constitutes a reverse takeover within the meaning of the UK Financial Conduct Authority’s listing rules, will see Fintech Asia issue 177,840,000 new ordinary shares valued at 64 pence each to acquire the entire issued share capital of ICFG. The move will integrate ICFG’s diverse portfolio, including financial services, investment banking, AI and IT services, and real estate development, into Fintech Asia’s operations.
ICFG’s financial services arm, InvesCore NBFI JSC, is a key player in the microfinance sector in Mongolia, Kyrgyzstan, Kazakhstan and Uzbekistan, offering a range of innovative fintech solutions. The investment banking segment, InvesCore Capital LLC, provides advisory services and access to capital markets, while AI Lab LLC focuses on financial technology and digital banking technology. InvesCore Property LLC manages real estate investments.
The acquisition is subject to shareholder approval at an Extraordinary General Meeting scheduled for February 11, 2025. If approved, the company anticipates that trading of its ordinary shares on the market London Stock Exchange (LON:) will start around February 12, 2025.
Fintech Asia CEO Oliver Fox expressed confidence in the acquisition, highlighting ICFG’s scalable business model and the potential to create shareholder value through its advanced technology solutions in the microfinance sector.
The prospectus is available on the Fintech Asia website and has been submitted to the National Storage Mechanism for public inspection. This strategic move aims to elevate the company’s position in providing innovative financial services to emerging economies.
This article is based on a press release from Fintech Asia Limited.
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