COASSETS ENTERS HONG KONG AS PART OF INTERNATIONALISATION STRATEGY
Further to the announcement released on 9 March 2017, CoAssets Limited (“CoAssets” or the “Company”) (ASX: CA8), a crowdfunding platform specialising in facilitating funding for real estate and small to medium-sized enterprises, announces that today that it has entered into a Share Sale and Purchase Agreement (SPA) with the shareholders of Fintech Pte Ltd (FPL), a subsidiary of Brighten Management Limited (BML) and a Subscription Agreement (SA) with BML. Pursuant to the terms of the SPA and SA, the Company will acquire a total of 11,760 shares, i.e. 49% of FPL over four tranches from April 2017 to October 2018 and issue a total of 27,222,222 fully paid ordinary shares of the Company to BML in corresponding four tranches to October 2018.
The S$9.8 million investment will allow CoAssets to grow FPL’s online platform and provide registered users with multiple investment products in the future.
“This acquisition greatly strengthens our internationalisation strategy,” said Getty Goh, CEO and Co-founder of CoAssets. “This investment is an important milestone as we embark on our growth plan in the region, targeting Hong Kong as one of the largest financial hub in Asia Pacific. It will increase our market reach and assist us to achieve our financial objectives. FPL’s expertise and resources will also help to foster significant partnerships with Chinese users. This is a great win for our shareholders, partners, customers and employees.”
“We are pleased to partner with CoAssets,” said Mr Julian So, Chief Business Development Officer and Co-Founder of Brighten Management Limited. “CoAssets’ proven technology, evolving innovation and world-class management team will lead and drive the business to a whole new level. We are absolutely confident about our growth prospects, and the value that both Fintech and CoAssets bring to this strategic alliance.”
About Fintech Pte Ltd
Fintech Pte Ltd (FPL) was established in May 2015 and is headquartered in Hong Kong. Its initial purpose was to allow friends, family, and partners within FPL’s ecosystem to take advantage of Brighten Management’s (FPL’s holding company) financial products. FPL’s mobile application allows its users to buy promissory notes, keep track of them and the daily accrued interest and transfer them to other users. The vision is to turn FPL’s mobile application into an online global wealth, cash and rewards management platform.