Lottery and integrated technology and services company AGTech Holdings Limited announced that it has received approval from Macau’s finance authorities to become a controlling shareholder in Ant Bank (Macao) Limited.
This follows AGTech’s previous announcements regarding a share transfer agreement between one of its affiliates, mFinance, and Star N Cloud.
Under this agreement, mFinance is set to acquire 33.3 percent of Ant Bank’s issued share capital from Star N Cloud for MOP133.2 million ($16.6 million), with 30 percent of this amount being distributed to AGTech Macau, an indirect wholly-owned subsidiary of AGTech.
Additionally, mFinance plans to contribute MOP150 million ($18.7 million) to Ant Bank’s share capital through the subscription of 1,500,000 common shares, representing about 27.3 percent of the enlarged share capital post-capital increase.
In a dispatch, the group said it has been informed by Ant Bank (Macao) that the bank has received all relevant approvals, with the share transfer now approved by the Monetary Authority of Macau.
‘The said completion will take place after all the closing conditions under the relevant share transfer agreement have been fulfilled or waived, after which Ant Bank will become an indirect non-wholly owned subsidiary of AGTech’, the group indicated.
Previously AGTech stated that the transaction aligns with its strategy to support the digital transformation of financial services in Macau and the Greater Bay Area by strengthening its infrastructure and platforms, and aiming to become a modern fintech and innovation group in Macau and the Greater Bay Area in the PRC.
Ant Bank (Macao) Limited is principally engaged in digital banking services and mobile payment including financial banking services mainly for Macau residents and SMEs such as deposits and loans, and cross-border remittance services.
