Friday, August 23, 2024

MONEYHERO PROPOSES US$8.0 MLN BID TO ACQUIRE MONEYSMART

KUALA LUMPUR, Aug 23 (Bernama) -- MoneyHero Limited (MoneyHero), a leader in personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, has made a non-binding offer to acquire 100 per cent shares of competitor MoneySmart.

According to a statement, this strategic move aims to consolidate MoneyHero’s leading position and unlock significant synergies in Asia’s rapidly evolving personal finance and insurance landscape.

MoneyHero Chief Executive Officer, Rohith Murthy said this acquisition will further strengthen the company’s leadership in Greater Southeast Asia, delivering enhanced products, services, and technological innovation.

“Given MoneySmart’s recent share buyback, we believe we have made a fair and compelling offer that benefits both sides. Most importantly, we believe the synergies from this merger will drive significant value for our shareholders and customers,” he said.

Under the terms of the offer, MoneyHero has valued MoneySmart at US$8.0 million with potential valuation upside. (US$1=RM4.37)

The considered value is to be paid in new MoneyHero shares whereas the potential additional valuation upside will be paid in cash contingent on the results of a thorough due diligence process.

While MoneyHero’s intent is to fully acquire MoneySmart, the company is also exploring the purchase of any number of shares from individual shareholders.

The consideration of US$8.0 million in MoneyHero shares and an additional cash amount (to be defined based on due diligence results) references MoneySmart’s recent capital reduction reflected in recent filings made with the Accounting and Corporate Regulatory Authority of Singapore.

MoneyHero’s offer reflects a premium for MoneySmart’s business, as well as confidence in the value that MoneySmart would bring to the combined entity.

-- BERNAMA

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