Artivision seeks extension of long stop date for reverse takeover of e-payment solutions firm

Artivision seeks extension of long stop date for reverse takeover of e-payment solutions firm

By: 
Michelle Zhu
02/01/19, 08:19 am

SINGAPORE (Jan 2): Artivision Technologies has signalled a delay in its plans to acquire a 100% stake in e-payment solutions provider Mobile Credit Payment (MC Payment), as the group is now in discussions to extend the long stop date of its acquisition, which was originally due on Dec 31, 2018.

To recap, Artivision first announced in Nov 2017 that the group intended to transform itself into an e-payment solutions provider with the acquisition, and resultant reverse takeover (RTO), of MC Payment for a base consideration of $80 million.

It was announced in May last year that the consideration was raised to $125 million, inclusive of an additional consideration of $20 million and another $25 million for the acquisition of iFashion Group.

According to its May 2018 filing, Artivision has up until Feb to secure a new business in order to satisfy the listing requirements of the SGX.

The group is able to apply for a maximum six-month extension period from Feb.

Shares in Artivision last traded at 0.8 cent. 

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