Miguel Cordon · · 1 min readMoneySmart to list on SGX through $161m reverse IPO deal
MoneySmart Group is looking to list on the Singapore Stock Exchange through a US$161.7 million reverse takeover deal with real estate developer Asia Pacific Strategic (APS) Investments.
The MoneySmart team / Photo credit: MoneySmart
The Singapore-born fintech firm and APS are now entering into the next stage of due diligence after the agreement, according to a statement.
The deal includes the issuance of new ordinary shares in APS, which will represent 80% of the company’s enlarged share capital after the acquisition and a listing within the first half of 2023.
MoneySmart said it expects the “rapid growth of the brand” after its listing next year by bolstering its membership and rewards programs.
The company will also pour capital into Bubblegum, an insurance brand that it launched earlier this year with car and travel products. Bubblegum is looking to extend its service to include home, life, pet care, and health insurance.
See Also: MoneySmart posts two profitable quarters in the thick of a pandemic
Founded in 2009, MoneySmart has since grown to offer its services to millions of users from Singapore, Hong Kong, Taiwan, and the Philipines.
Editing by Eileen C. Ang
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