According to APS’s 2021 annual report, Oei holds 6.37 billion shares, equivalent to a stake of 35.76%. The second largest shareholder, holding 7.98%, is Toh Soon Huat. Chairman and CEO Choo Yeow Ming holds a direct stake of 4.98% and a deemed interest of another 1.98%.
For FY2021 ended June 2021, APS narrowed its net loss to $3.8 million from $5.9 million recorded for FY2020. Revenue between FY2020 and FY2021 doubled from $0.6 million to $1.2 million as the hotel booked more revenue from a higher number of visitors.
To fund the acquisition, APS will issue new shares to MoneySmart’s shareholders amounting to 80% of the enlarged share base.
The number of new shares to be issued and the price of each new share is to be determined.
See also: Grab obtains LTA licence to operate taxis in Singapore
According to APS, an independent valuer will be appointed for the RTO.
Existing MoneySmart shareholders with stakes of more than 5% each include Vinod Nair, founder and CEO of the portal, Kakaku.com, SPH Ventures and Golden Gate Ventures.
APS shares closed on March 18 at 0.2 cent, double its previous close, and valuing the company at around $35.7 million.