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Last Updated : Jun 09, 2020 09:33 AM IST | Source: Moneycontrol.com

Affle India to acquire 100% stake in Singapore company; shares up 5%

Affle International Pte. Ltd., a wholly-owned Singapore subsidiary of the company to acquire 66.67 percent ownership in Appnext Pte. Ltd. incorporated in Singapore.

 
 
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Affle India share price added 5 percent in early trade on June 9 after the company said it is going to acquire 100 percent stake in a Singapore based company.

Affle International Pte. Ltd., a wholly-owned Singapore subsidiary of the company has entered into a definitive share purchase agreement to acquire 66.67 percent ownership in Appnext Pte. Ltd. incorporated in Singapore.

The company has the option to acquire the remaining 28.33 percent shares and 5 percent shares of Appnext Singapore within 3 years and 5 years respectively from the closing of the share purchase agreement.

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Also, Affle MEA FZ-LLC, a subsidiary of Affle International Pte. Ltd., has entered into an intellectual property purchase agreement to acquire 100% Tech IP assets of Appnext incorporated in the British Virgin Islands.

The total cost consideration is of $17.25 million for 66.67 percent of equity ownership and transfer of the Tech IP assets, to be paid over the next 12 months from the date of closing of the agreements.

“We are excited to welcome the Appnext team on-board as we strengthen our foundation for Affle's next phase of growth journey. Affle2.0 will focus on building sustainable market leadership in India as well as enhancing our competitive advantage globally through our technology innovations," said Anuj Khanna Sohum, the Chairman, MD and CEO at Affle.

At 09:22 hrs, Affle India was quoting at Rs 1,534.95, up Rs 53.45, or 3.61 percent on the BSE.
First Published on Jun 9, 2020 09:33 am
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