iFAST gets HK nod to buy stockbroker Winfield Securities

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.