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KUALA LUMPUR, April 26 (Bernama) -- HWGC Holdings Limited (HWGC), a company quoted on OTCQB market, recently announced the intent to acquire two financial technology companies in digital payment and platform as a service (PaaS) to further its ambitions on blockchain-based innovations in the fintech industry.
HWGC has entered into memorandum of understanding with the two target companies – HWGG Capital P.L.C (HWGG Capital), which is a licensed and regulated company in Malaysia; and Fintech Scion Limited (Fintech Scion), a company based in the United Kingdom.
According to a statement, the consideration price for both target companies is estimated to be at a combined valuation of US$150 million. (US$1 = RM4.350)
HWGC intends to issue shares as the consideration for the two targets, with an issuance price that currently has been determined at US$0.50 per share (approximately 300 million new common shares).
HWGC is conducting due diligence on the target companies and preparing and negotiating the appropriate agreements for the acquisitions.
The consummation of the transactions is contingent on many factors, including obtaining necessary approvals from respective local authorities of both target companies and the necessary disclosure and financial statements under the United States Securities and Exchange Commission.
The acquisition of both companies is targeted to be completed by 3rd quarter of 2022.
The valuation of the target companies was based in part on an independent valuation conducted by Vincorn Consulting and Appraisal Limited for HWGG Capital and Neville Weitzman Consultants for Fintech Scion.
HWGC expects that these acquisitions will help launch the company full-throttle into the global digital financial marketing sector by leveraging the best of these two target companies, exploring new ways to store and move value, accelerating its international expansion effort, and breaking down barriers for companies and individuals to thrive in digital economy.
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