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iFAST Corp has received approval from the Securities and Futures Commission of Hong Kong to buy stockbroking firm Winfield Securities.
iFAST, which operates online mutual-fund retail platform Fundsupermart.com, announced in June that it would buy Winfield for about HK$14.7 million (S$2.67 million), comprising HK$4.7 million and Winfield's net asset value at completion. The purchase price, of which HK$500,000 has been paid, will be financed using iFAST's initial public offering proceeds.
iFAST shares closed at S$1.415 on Wednesday, before the approval was announced.