LONDON – Fintech Asia Limited (LON:FINA), a financial technology company focused on the Asian market, has announced the publication of a prospectus in connection with the proposed acquisition of ICFG Pte. Ltd., a financial services group. The transaction is set to transform the scope of Fintech Asia’s business and will result in the company being renamed ICFG Limited upon completion.
The acquisition, which is a reverse takeover under the UK Financial Conduct Authority’s Listing Rules, will see Fintech Asia issue 177,840,000 new ordinary shares valued at 64p each to acquire all of ICFG’s issued share capital. 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 business.
ICFG’s financial services arm, InvesCore NBFI JSC, is a key player in the microfinance sector across 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 fintech 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 its ordinary shares will be traded on 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 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 Depository Mechanism for public inspection. This strategic move aims to raise the company’s position in providing innovative financial services to developing economies.
This article is based on a press release from Fintech Asia Limited.
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