After seven extensions of the long stop date, the latest being Dec 31, Artivision Technologies appears ready to acquire MC Payment via a reverse takeover. The transaction was first proposed in October 2017. On Sept 2, Artivision announced it had received a no-objection letter from the Singapore Exchange for a further six-month extension of time from August 31 to Feb 28, 2021, to complete the proposed acquisition and meet the requirements for a new listing, and to appoint an additional independent director to make up the minimum number of three members for the audit committee of the company.

In Oct 2017, Artivision announced its plan to pay $80 million for MC Payment, mainly through the issuance of new shares to the shareholders of MC Payment. The announcement had stated that Artivision’s shares in issue would rise from 1,797.8 million to 9,512 million.

MC Payment enables digital payments from different sources such as Fave Pay, Grabpay, PayNow, PayLah! credit cards, debit cards, PromptPay (the equivalent of PayNow in Thailand), WeChat Pay, Alipay, and UnionPay.

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