Macau SAR – EQS Newswire – February 8, 2024 – AGTech Holdings Limited (8279.HK, hereinafter referred to as “AGTech”) announced on February 8, 2024 that it will acquire existing shares and subscribe for new shares of Ant Bank (Macau) Limited (“Ant Bank (Macau)”), thereby increasing its stake to 51.5% for a total amount of MOP 243 million (collectively, the “Transaction”), subject to regulatory approval. The AGM (extraordinary general meeting) will be held to consider and approve the resolutions relating to the transaction and any continuing related transactions. Completion of the Transaction is subject to certain suspensive conditions. Upon completion of the Transaction, Ant Bank (Macau) will become an indirect, non-wholly owned subsidiary of AGTech, and its financial statements will be consolidated into those of the Group.
AGTech believes the transaction aligns with the group’s strategy to support the digital transformation of financial services in Macau and the Greater Bay Area by strengthening its infrastructure and platforms, with the aim of becoming a fintech group and modern innovation in Macau and the Greater Bay Area. RPC.
The transaction will strengthen the synergy between AGTech’s electronic payment services in Macau and Ant Bank’s (Macau) digital banking services, connecting ecosystem scenarios and resources with payment and inclusive finance to meet the needs consumption and financing of Macau residents and small and medium-sized businesses. large merchants (“SMEs”). Through synergies with the ecological resources of Alibaba Group and Ant Group and AGTech’s various business units in the fields of life services, cultural entertainment and e-commerce, combined with the characteristics of Macau’s leisure and tourism, the group aims to create distinctive cross-border financial services to attract more cross-border customers. -cross-border tourists (who are eligible to benefit from such services) to visit Macau, thereby supporting Macau’s economic growth and further diversifying and expanding the Group’s revenue sources.
Ant Bank (Macau) is a company incorporated under the laws of Macau and limited liability. It is mainly engaged in digital banking and mobile payment, including financial banking services aimed primarily at Macau residents and SMEs, such as deposits and loans, as well as cross-border remittance services.
By finalizing the transaction, AGTech’s business scope will expand from digital payment services and local consumer digital services to digital financial services.
After the transaction, Ant Bank (Macau) and Ant Group will continue their cooperation under the framework agreement in various business fields, including resource sharing services, funds transfer and settlement services, technical services, transfer of creditors’ rights and associated services, escrow services, marketing services and lending services.
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The issuer is solely responsible for the content of this announcement.
