Singapura Finance disposes of entire stake in PowerBank for US$1 mil via preference shares issued in MatchMove

Singapura Finance has disposed of all of its shares in MatchMove PowerBank (PowerBank), a subsidiary of MatchMove Pay (MatchMove), to MatchMove for a consideration of US$1 mil ($1.33 million).

The shares represent approximately 10% of PowerBank’s share capital.

The sales consideration was satisfied by the issuance of 117,371 preference shares in MatchMove. To that end, Singapura Finance’s shareholding in MatchMove has increased from 1.6% to 1.9% of MatchMove’s share capital on a fully diluted basis.