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Artivision in talks to extend long stop date of MC Payment acquisition
VIDEO solutions provider Artivision Technologies is in discussions to extend the Dec 31, 2018 long stop date on its acquisition of electronic payment and online retail business Mobile Credit Payment Pte Ltd (MC Payment).
The total consideration for the acquisition includes a base consideration of up to S$80 million for the purchase of sale shares held by the shareholders of MC Payment; an additional consideration of up to S$20 million; and an amount of up to S$25 million in respect to the acquisition of iFashion Group, an online fashion venture platform that MC Payment is in the process of acquiring.
The company had said previously that “the proposed acquisition of MC Payment presents an opportunity to acquire a new business, meet the Catalist ruling and enhance value for shareholders”.
Artivision advises shareholders and potential investors to exercise caution in trading their shares as there is no certainty that the proposed acquisition will be completed, and that it will make further announcements when there are material developments.