SINGAPORE – Newsfile Corp. – September 17, 2021 – Raffles Financial Group Limited (CSE: RICHE) (FSE: 4VO) (OTCQX: RAFFF) (“RFG“or the”Society“) entered into a definitive share purchase agreement on September 15, 2021 (the”Share purchase contract“) to acquire all of the outstanding share capital of Alto Vencap Pte. Ltd. (“A V“), a Singapore-based company (“Transaction“). AV is a business consulting company primarily serving the needs of listed companies in Singapore and Hong Kong, as well as private companies in China, Cambodia, Indonesia, Malaysia, Philippines, Thailand and Singapore.
Raffles Financial Pte Ltd., the operating subsidiary of the Company, will complete the acquisition of AV within the next week for the purchase price of SGD $ 2.00 (C $ 1.88). After the closing of the purchase of AV, the Seller will be entitled to a performance-based payment equal to ten (10) times the audited net profit of AV after tax for the year ending June 30, 2022 payable in Company shares valued at CDN $ 10.00 per share. There is a maximum of 10,000,000 distribution of shares.
âWhile the economy of Southeast Asia is expanding, the demand for business consulting and in particular financial advisory services are developing rapidly. We are confident to serve the businesses out there with the RFG suite of financial solutions,“exclaims Albert Fan, director of AV.
RFG assists mid-sized businesses by providing a suite of financial services such as corporate finance advisory in IPOs, RTOs, M + As, family office and trust fund management, REIT and digital asset splitting and quotation.
“With this acquisition, AV can mobilize the local representatives of RCEP to deploy RFG financial solutions to meet the fundraising and listing needs of local companies,“said Dr Charlie In, President of the RFG.
About Raffles Financial Group Limited
Raffles Financial Group is listed on the Canadian Securities Purchase under the ticker symbol (CSE: RICH), on the Frankfurt Stock Purchase under the ticker symbol (FSE: 4VO) and on the OTC Markets under the ticker symbol (OTCQX: RAFFF).
Raffles Financial Pte Ltd is the operating subsidiary of Raffles Financial Group Limited.
Please visit www.rafflesfinancial.co for more information.
Raffles Financial Private Limited (a wholly owned subsidiary of Raffles Financial Group Limited) is an exempt corporate finance consultancy, registered with the Monetary Authority of Singapore, which provides advisory and arranging services in financial matters. public listing. RFP acts as an advisor for family trusts, family offices and investment funds.
For more information please contact:
Monica Kwok, Investor Relations
Phone: +65 6909 8765
E-mail: [email protected]
Neither Purchase Canadian Securities nor its regulatory services provider (as that term is defined in the Purchase Canadian Securities policies) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this press release may constitute “forward-looking statements” or “forward-looking information” (collectively, “forward-looking information”) as such terms are used in Canadian securities laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “planned”, “estimated”, “anticipate”, and expressions and similar statements relating to matters which are not historical Facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions about the outcome and timing of such future events.