LONDON – Fintech Asia Limited (LON:FINA), a financial technology company focused on the Asian market, has announced the publication of a prospectus on its proposed acquisition of ICFG Pte. Ltd., Financial Services Group. This transaction is set to transform the scope of the Fintech Asia business and will result in the company being renamed ICFG Limited upon completion.
The acquisition, which constitutes a reverse takeover under the UK Financial Conduct Authority's listing rules, will see Fintech Asia issue 177,840,000 new ordinary shares of 64 pence each to acquire all of the issued share capital of ICFG. The move will integrate ICFG's diversified portfolio, including financial services, investment banking, AI and IT services and real estate development, into its Fintech Asia operations.
InvesCore NBFI JSC, the financial services arm of ICFG, is a major player in the microfinance sector across Mongolia, Kyrgyzstan, Kazakhstan and Uzbekistan, offering a range of innovative fintech solutions. Its 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 to be held on February 11, 2025. If approved, the Company expects its ordinary shares to be traded on the stock exchange. London Stock Exchange (LON:) will start approximately February 12, 2025.
Oliver Fox, CEO of Fintech Asia, expressed confidence in the acquisition, highlighting ICFG's scalable business model and potential to create value for shareholders through its advanced technology solutions in the microfinance sector.
The prospectus is available on Fintech Asia's website and has been submitted to the National Storage Mechanism for public inspection. This strategic step aims to raise the company's position in providing innovative financial services to emerging economies.
This article is based on a press release issued by Fintech Asia Limited.
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