Fintech and e-payment business PayU has taken a majority stake in Singapore online payment company Red Dot Payment (RDP), PayU said in a media statement yesterday.
The deal values RDP at US$65 million (S$88.2 million), and will see its founder and chief executive officer Randy Tan retaining a stake in the company, while a majority of other shareholders will exit.
It allows PayU to plant its flag in South-east Asia, and brings its total amount spent on fintech investments and mergers and acquisitions to more than US$700 million over the last three years.
PayU, the payment and fintech business of South Africa-headquartered Internet group and technology investor Naspers, will integrate RDP platforms into the PayU Hub.
Evolve Capital Asia was the exclusive financial adviser to Mr Tan and RDP's selling shareholders. Last year, RDP entered the African market after signing a memorandum of understanding with Finserve Africa, a Kenyan mobile virtual network operator.
The agreement involved collaborating on alternative e-payment methods such as WeChat and Alipay in Kenya, and was announced as part of Enterprise Singapore's push to help Singapore companies enter the African region.
Asian Healthcare Specialists
Catalist-listed Asian Healthcare Specialists (AHS) yesterday said it has entered into a term sheet to acquire 51 per cent of Cornerstone Asia Health, a provider of healthcare services across various specialisations.
The cost of acquisition is estimated to be 13 times the profit after tax for Cornerstone Asia Health's fiscal year ended June 30 this year.
This will be satisfied by $5 million in cash and the issue of shares in AHS at $0.26 apiece. This is a 1.4 per cent discount to the volume-weighted average price of AHS shares at $0.2637 for trades completed on Thursday, the day prior to the signing of the term sheet. The price has been adjusted for any share consolidation, share sub-division, or changes to AHS' share capital.
It is expected that a portion of the shares issued would be subject to a five-year moratorium, to be released within the period in tranches.
Cornerstone Asia Health offers key services in ophthalmology, urology, dermatology and gastroenterology, as well as family medicine.