Intraco Limited has acquired a controlling stake in SlideSG for $5 million, a company that has primary activities related to payment services.
Building on its initial minority stake acquired in Jan, Intraco will now acquire an additional 60.1% stake in SlideSG.
SlideSG has a major payment institution licence from the MAS under the Payment Services Act 2019, and the company has been involved in the provision of mobile remittance and money changing services.
Intraco says that this acquisition allows it to immediately venture into the fast-growing global payment services business in Singapore and internationally and enable it to gain access to new business opportunities in the fintech and global payments industry.
The acquisition is structured through an exchangeable loan of $3.0 million provided to iAPPS Pte. Ltd. (iAPPS), the current majority shareholder of SlideSG, which shall be exchangeable for shares in SlideSG.
In conjunction, SlideSG has signed an agreement to acquire the entire iChange Debit Card business (iChange) from IBV, a multi-currency digital wallet and payments platform.
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These acquisitions are subject to regulatory approvals, the group notes.
“This is more than an acquisition. It is a strategic transformation of Intraco,” said Mak Lye Mun,
executive chairman of Intraco.
Shares in Intraco closed flat at 37.5 cents on Oct 24.
