Ayondo Ltd has signed an acquisition agreement with Speed Success Group and agreed to acquire equity interest of Rich Glory International Investment Limited.
03 August, 2020 | AtoZ Markets –Ayondo Ltd is a Singapore-based financial technology company listed on the Catalyst of the Singapore Exchange Securities Trading Limited. It offers social trading and securities trading services of various assets, including currencies, stocks, commodities, indices and stocks.
Ayondo Signs Acquisition Agreement With Speed Success Group
COVID-19 brings uncertainty to all sectors, including financial services. Ayondo recently signed a conditional sales and purchase agreement with Speed Success Group Limited. Upon completion of the proposed acquisition, Ayondo will acquire all equity interest of Rich Glory International. The company also said in its 2019 Annual Report:
“The Proposed Acquisition, if undertaken and completed, expected to result in an RTO of the Company under the Catalyst. Moreover, it is subject to, among other things, the approval of shareholders of the company at an EGM to convene, and the approval of the SGXST.”
The company said it will expand into new business areas and increase profits by this acquisition. It will also contribute to rebuilding shareholder value. However, it has received a total of S$675,000 payments. It plans to use the proceeds to repay its debt, as well as general working capital, including professional compensation and salaries. This acquisition is intended to resume trading of the shares of the Company on the Catalist board.
“To rebuild shareholder value, the company has been seeking an appropriate business to be injected into the Group. The Proposed Acquisition will place the company in a strong position to expand into new business areas and grow revenues. Both will help rebuild shareholder value,” Ayondo also said in the report.
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