ValueMax has entered into a share purchase agreement to acquire a 100% stake in Ban Fook Pawnshop.
The stake, which comprises 3,030,000 fully paid-up ordinary shares, has a sale consideration of $1,757,400.
Upon completion, Ban Fook will become a wholly-owned subsidiary of the group.
As at Dec 31, 2023, Ban Fook’s net asset value stood at $1.84 million.
According to the group, the acquisition is set to provide an additional revenue stream to ValueMax and is in line with the group’s expansion strategy.
The acquisition is not expected to have a material impact on the consolidated net tangible assets and earnings per share of ValueMax for the financial year ending Dec 31.
See also: Nippon Steel, US Steel file lawsuits after Biden blocks deal
Shares in ValueMax closed flat at 44 cents on Dec 10.
