Aspial Lifestyle unit ups stake in property debt investment platform BigFundr to 70% from 15%

Aspial Lifestyle’s fully-owned subsidiary Maxi-Cash Capital Management (MCCM) is raising its stake in real estate investment platform BigFundr to 70 per cent from the current 15 per cent.

In a late-night regulatory filing last Friday (Feb 23), Aspial Lifestyle said MCCM entered into a sale and purchase agreement with Trinity House Capital to acquire nearly 2.7 million ordinary shares, representing 55 per cent equity interest in the share capital of BigFundr, for a total consideration of S$2.72 million.

BigFundr, founded by Quah Kay Beng, allows retail investors access to real estate debt investment opportunities. The company is in the business of providing loans for property projects, it said on its website.

Prior to the shareholding increase, MCCM owned 735,000 ordinary shares representing 15 per cent of the issued and paid-up capital of BigFundr, which is incorporated in Singapore and holds a Capital Markets Services licence issued by the Monetary Authority of Singapore.

Following the completion of the shareholding increase, BigFundr became a subsidiary of MCCM, which holds 3.43 million ordinary shares, representing 70 per cent equity interest in the share capital of BigFundr. The remaining 30 per cent is held by Trinity House Capital.

Both the net asset and the net tangible asset of BigFundr stood at S$1.3 million as at Dec 31, 2023.

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Aspial Lifestyle, which is listed on the Catalist board, said no independent valuation was conducted for the purpose of the shareholding increase; the consideration was arrived at on a willing buyer, willing seller basis, taking into account the past capital contribution and performance of BigFundr.

“The consideration has been fulfilled upon the completion of the shareholding increase through internal resources,” Aspial Lifestyle said.

The consumer lifestyle group, chaired by Koh Wee Seng, houses the Maxi-Cash, Lee Hwa Jewellery and Goldheart Jewelry brands.

Aspial Lifestyle closed at S$0.128 last Friday, up S$0.003 or 2.4 per cent.