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Asia Vets Holdings proposes to acquire digital financial services group AlDigi Holdings for S$45 million via Reverse Takeover

(L-R) Tan Chong Huat, Chairman of RHT Group of Companies, Tan Tong Guan, Executive Chairman and Chief Executive Officer of Asia Vets Holdings Ltd., and Jayaprakash Jagateesan, Chief Executive Officer of AlDigi Holdings Pte. Ltd. at the signing ceremony. 

  • The Proposed Acquisition will enable Asia Vets Holdings to capture opportunities within the fast-growing financial and technology business and achieve higher revenue levels alongside their existing business 

Singapore, 31 December 2021 – Catalist-listed Asia Vets Holdings Ltd. (“Asia Vets Holdings”, the “Company”, and together with its subsidiaries, the “Group”) has entered into a conditional sale and purchase agreement (“SPA”) with RHT AlDigi Financial Holdings Pte. Ltd. (“Vendor”) and AlDigi Holdings Pte. Ltd. (the “AlDigi Group” or the “Target”) on 30th December 2021 to acquire from the Vendor 100% of the ordinary shares in the issued and paid-up share capital of the Target (the “Proposed Acquisition”).

The S$45 million consideration for the Proposed Acquisition shall be satisfied by way of allotment and issuance of 335,436,357 new ordinary shares (“Consideration Shares”) in the capital of the Company at the issue price of approximately S$0.13415 per Consideration Share. The Proposed Acquisition, subject to, inter alia, the approval of the Company’s shareholders, adds an additional revenue stream as well as an opportunity to diversify the Group’s portfolio of businesses. The Company also believes that the Proposed Acquisition has the potential to increase the market capitalisation and widen the investor base of the Company.

Mr Tan Tong Guan, Asia Vets Holdings Executive Chairman and Chief Executive Officer, said, “We have been actively exploring various acquisition opportunities to maximise value for shareholders and enable the Company to achieve higher revenue levels. The Proposed Acquisition, when completed, is expected to enable us to capture opportunities within the fast-growing financial and technology business and we are confident of the industry’s significant long-term growth prospects.”

The Target’s subsidiaries are digital finance and technology firm RHT DigiCapital Pte. Ltd., intellectual property consultancy RHT i-Assets Advisory Pte. Ltd., and its proposed subsidiary, capital markets advisory firm RHT Capital Pte. Ltd. (collectively with the Target, the “Target Group”).

The Proposed Acquisition will enable the Company to build on the Target Group’s established continuing sponsorship and licenced corporate finance business to develop new digital solutions to serve both traditional and digital finance markets.

Mr Jayaprakash Jagateesan, AlDigi Group Chief Executive Officer, said, “We have developed a fintech platform to reshape the capital markets to become the gateway to diverse digital assets and investments, built on a commitment to enhancing efficiency, accessibility and equal opportunity across capital markets and alternative investments. The Proposed Acquisition will further accelerate our efforts to develop new innovative products to capture the fast-growing digital security token economy with a focus on real estate, non-fungible tokens, and environmental, social and governance investments.”

Post-completion of the Proposed Acquisition, the Group will continue to own and operate its veterinary business.

This media release is to be read in conjunction with the full text of the Company’s announcement dated 30 December 2021 released on SGXNET, in relation to the proposed acquisition.

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