Fintech Asia intends to float on LSE
Fintech Asia, an investment company established to acquire businesses focused on improving the delivery and use of financial services in Asia, today announced its intention for the company’s shares to be admitted to the Standard Listing segment of the Official List and to trading on the Main Market of the London Stock Exchange.
Fintech Asia has raised £1,455,000 through the placing of 3,010,000 ordinary shares of no par value, with net proceeds of £841,845.
Trading in the Company’s shares on the London Stock Exchange is expected to commence on or around 15 September 2022.
The Company has been formed to undertake acquisitions of target companies or businesses in the Fintech sector. The Company does not have any specific acquisitions under consideration and does not expect to engage in substantive negotiations with any target company or business until after Admission. Consideration for an acquisition is likely to be funded through a combination of the issuance of new ordinary shares or convertible debt securities to the shareholders of the acquisition as well as through capital raised on Admission.
The Directors expect that the target business will have a Fintech related business model which will allow it to expand globally. While there is no restriction as to the geographical location of the target business, the Directors expect that the first acquisition(s) will likely target a business in the Asia-Pacific region or businesses with the potential to expand quickly into the Asia-Pacific region, due to the extensive experience and network of the Company’s CEO, advisors, and key management personnel.
It is envisaged that the Company will seek to acquire target businesses which have one or more of the following key characteristics:
- a strong Fintech related product, technology or service;
- an experienced management team that has a proven track record;
- growth potential beyond its home market, ideally with the potential to expand globally;
- a solid reputation with their customers / clients; and
- shareholders who are willing to accept ordinary shares or other securities in the Company as a significant part of the consideration for their businesses.
Oliver Fox, CEO of Fintech Asia, said:
“I am delighted to announce the plans to list Fintech Asia on the London Stock Exchange. We believe there are attractive long term acquisition opportunities in our chosen sector. We plan to use Fintech Asia as a vehicle to acquire one or more exciting businesses in these areas in order to generate attractive returns for our shareholders.”