Aspial to Consolidate Local Retail Jewellery Units Under Subsidiary Maxi-Cash in S$100M Deal

businesstimes2022-07-08

MAINBOARD-LISTED Aspial plans to sell a group of its wholly-owned subsidiaries to another of its subsidiaries,Maxi-Cash Financial Services , for up to S$99.8 million, Aspial and Maxi-Cash said in a ...

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blessed_1
2022-07-08
blessed_1
Ok
TradeLegend
2022-07-08
TradeLegend
🤑

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The deal will require the approval of shareholders of both companies to proceed.Maxi-Cash plans to finance the deal with a combination of cash, settlement of debt and the issuance of new shares. For the S$87.8 million base consideration, it will issue approximately 311.7 million new shares worth a total of S$50.8 million, at S$0.163 each. This will bring Aspial’s stake in Maxi-Cash up to 71.78 per cent.Based on the issue price, the aggregate of the total number of base consideration shares and the maximum number of earn-out consideration shares to be issued is approximately 348.5 million Maxi-Cash shares, which represents approximately 24.62 per cent of the issued share capital of Maxi-Cash, the companies said.After the move, Maxi-Cash, which currently operates in pawn-broking, money lending and the sale and trading of pre-owned jewellery and branded merchandise, will be renamed Aspial Lifestyle, to reflect its expanded consumer lifestyle-related business. 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