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AEM Holdings invests in smart card firms

AEM Holdings Ltd (AEM) has entered into an investment partnership in investment holding firm Novoflex Pte Ltd (Novoflex), to buy the shares and full control of two companies - Smartflex Technology Pte Ltd (SFT) and Smartflex Innovation Pte Ltd (SFI).

SFT is involved in the assembly and testing of smart card modules while SFI carries out the development, assembly and testing of smart card solutions.

The investment holding company, Novoflex, will pay Smartflex Holdings Ltd (SFH) S$26.08 million for the entire issued and paid-up capital of SFT, and shares making up 70 per cent of SFI's issued and paid-up share capital. SFT holds the remaining 30 per cent of SFI.

SFH is a Catalist-listed firm. SFT and SFI are its operating subsidiaries.

AEM Holdings will in turn subscribe to a 21.1 per cent stake in Novoflex for S$4 million. The deal will be funded by AEM's internal resources.