Allied Tech to buy 51% stake in e-commerce ticketing solutions platform Asia Box Office

CATALIST-listed Allied Technologies is buying a 51 per cent stake in Asia Box Office, a Singapore-based e-commerce ticketing solutions platform.

The group announced on Wednesday that it has signed a binding memorandum of understanding with Platform Internet Capital on the deal.

It did not disclose the sum involved, but said that Platform Internet Capital's internal estimated valuation of Asia Box Office is about S$60 million.

Allied Tech has to pay an initial deposit of S$3.5 million to Platform Internet Capital within seven working days of the signing of the agreement. The deposit is refundable should the proposed acquisition be terminated.

In a filing to the Singapore Exchange, Allied Tech said that the proposed acquisition is part of the group's ongoing plans to "diversify its business and invest in the technology and services sectors".

It said that Asia Box Office's technology-driven platform fits into the sectors that the group is looking to diversify into.

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The completion of the proposed acquisition is subject to a series of conditions, including the conclusion of a sale and purchase of shares agreement, financial and legal due diligence, independent valuation and the attainment of shareholders' approval for diversification of business into investment in technology and services.