SINGAPORE (Dec 29): Global Yellow Pages announced that its indirect wholly-owned subsidiary, FP Network (FPN) is acquiring a 50.11% stake in FundPlaces for $2 million.
FundPlaces is a Singapore incorporated company that leverages on blockchain technology to operate an online platform for investors to build a diversified real estate investment portfolio.
In an SGX filing on Friday, the group says that the acquisition will give it an additional avenue to raise funds for its property development projects, which would benefit and complement its property business.
The group intends to seek additional investors for the subscription. And if successful, the total consideration would be less than $2 million.
However, if the group fails to find additional investors, it will be obliged to complete the acquisition of the full 50.11% stake.
This group will fund this acquisition through internal funds and/or bank borrowings.
Shares in Global Yellow Pages closed at 15 cents on Friday.