S i2i to acquire e-commerce platform from Softbank-led fund

S i2i announced on Monday that its wholly-owned subsidiary Affinity Capital has entered into an asset transfer agreement with SB ISAT Fund, a limited liability partnership incorporated in the Cayman Islands, for the proposed acquisition of an e-commerce platform.

In consideration of the proposed acquisition, Affinity will allot and issue an aggregate of 22.5 million new ordinary shares to SB ISAT Fund at an issue price of S$0.28 each.

Upon completion of the asset transfer agreement, the company's equity interest in Affinity will be diluted from 100 per cent to 50 per cent plus one ordinary share issued in the capital of Affinity.

In a filing to Singapore Exchange on Tuesday, the group said the proposed acquisition is in line with its plans to expand into innovative areas including e-commerce. This operation, with time, may include the entire universe of distribution channels offered by the e-commerce platform led by the Fund.

The company will be convening an extraordinary general meeting to seek shareholders' approval for the proposed transaction.