Asad Jumabhoy in another major deal as Scotts Group sells shares in Fintrax

SINGAPORE - The Scotts Group scored another major deal in the global business scene, as the Singapore-based fintech and real estate firm sold its shares in the Fintrax Group as part of a large acquisition.

The deal will see The Scotts Group selling its minority shares in Fintrax Group alongside majority owner Exponent Private Equity to Eurazeo for a total of up to €585 million (S$875.10 million) by the end of this year.

Sources said The Scotts Group has around 10 per cent shares in Fintrax, which is one of the biggest providers of value added tax refunding services in the world.

The successful sale of Fintrax also underlined a personal achievement for The Scotts Group founder and chief executive Asad Jumabhoy, who helped grow Ireland-based Fintrax as its vice chairman since September 2013.

The company, which operates in 30 countries, now boasts a revenue growth of over 20 per cent annually. In the twelve months to July this year, revenue was €198 million.

Mr Jumabhoy - a notable business figure in Singapore and the chairman of IDA International - is himself a veteran in the business of providing value added tax and goods and services tax refunding services to global tourists, having established Global Refund in 1999.

Global Refund would later become Global Blue in 2010, and the industry leader was sold to private equity firm Silver Lake in 2012. With Fintrax's sale, The Scotts Group has pushed its transactions in the tax refund business to a total €2.3 billion over the past two decades.

Announcing the deal on Monday (Nov 30), Mr Jumabhoy said: "Our successful track record reflects our first-mover position in the tax refund business and more importantly, the foresight to capitalise on the opportunity by going global.

"We achieved this through the transaction with Global Blue and now Fintrax. Against this positive backdrop we aim to harness our expertise to create new best practices and impart greater value for each organisation that we take ownership in."