Chairman of Intraco, Mak Lye Mun said “This is a truly exciting opportunity for Intraco and one that is potentially transformative for the Company. The investment into MHC Digital Group will allow the Company to gain access to the fast growing digital asset industry. In addition, it will create new revenue streams and enhance our shareholders’ value. We are optimistic that MHC Singapore, as part of Intraco, a Singapore listed company, will be able to accelerate its platform growth more rapidly within the region and beyond.”
Mark Carnegie, co-founder of MHC Digital Group, said “Singapore is one of the most advanced countries in the world when it comes to thinking through how they want to regulate Web 3.0. The issues are complex and challenging but the Singapore authorities understand the importance of addressing these issues as the space evolves and digital asset adoption accelerates.”
Intraco, Carnegie and Sergienko have agreed to sign a definitive agreement in the next two months following the entry into this heads of agreement. The completion of the Investment under the definitive agreement shall be subject to various conditions including the successful completion of the restructuring of the relevant businesses and assets in the MHC Digital Group to be held by MHC Singapore, procurement of the requisite licences and regulatory approvals, satisfactory due diligence and financial performance and shareholders’ approval at an extraordinary general meeting to be held by the Company. A circular will be sent to shareholders and further details will be announced on SGXNet, when available.
Separately, subject to shareholders’ approval, Intraco will issue 40 million warrants at an exercise price of $0.50 to Mr Wong Fong Fui or an entity beneficially owned by Wong for introducing MHC Digital Group and the deal to Intraco. In addition, Wong is likely to be extending a $10 million loan to MHC Singapore for its business purposes.
