LONDON – Fintech Asia Limited (LON:FINA), a financial technology company focused on the Asian market, has announced the publication of a prospectus regarding its proposed acquisition of ICFG Pte. Ltd., a financial services group. The project is set to transform the scope of Fintech Asia’s business and will lead to the company’s rebranding to ICFG Limited upon completion.
The acquisition, which includes a reverse takeover under the UK Financial Conduct Authority’s listing rules, will see Fintech Asia issue 177,840,000 new ordinary shares at a price of 64 pence each to cover the entire issued share capital of ICFG. The move will integrate ICFG’s diverse portfolio, including financial services, investment banking, AI and IT services, and real estate development, into Fintech Asia operations.
ICFG’s financial services arm, InvesCore NBFI JSC, plays a key role in the microfinance sector across Mongolia, Kyrgyzstan, Kazakhstan, and Uzbekistan, offering a range of fintech solutions. The investment banking division, InvesCore Capital LLC, provides advisory services and access to capital markets, while AI Lab LLC focuses on fintech and digital banking technologies. InvesCore Property LLC manages real estate investments.
The acquisition is subject to shareholder approval at an Extraordinary General Meeting scheduled for February 11, 2025. If approved, the company expects to trade its ordinary shares London Stock Exchange (LON:) will start around February 12, 2025.
Fintech Asia CEO Oliver Fox expressed confidence in the acquisition, highlighting ICFG’s innovative business model and potential for shareholder value creation through its leading technology solutions in the microfinance sector.
The prospectus is available on the Fintech Asia website and has been submitted to the National Storage Mechanism for public inspection. This strategic move aims to elevate the company’s position in providing innovative financial services to developing economies.
This article is based on a press release from Fintech Asia Limited.
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