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Matchmove’s US$295m valuation based on sales: Singapura Finance
SINGAPURA Finance arrived at a US$295 million pre-money valuation of Matchmove based on the startup's current and future sales pipeline, the Mainboard-listed firm told the Singapore Exchange (SGX) on Friday.
On Wednesday, Singapura Finance announced that it will pay US$5 million in cash for a 1.6 per cent stake in Matchmove. The bourse subsequently queried what factors Singapura Finance took into account to decide the price tag.
The investment in Matchmove "is also part of the company's plans to invest in the financial technology sector, which the board believes could provide synergistic opportunities to achieve growth in the financial services sector", Singapura Finance added in its response.
Matchmove made a net loss of S$20.4 million in FY2017 ended December. In response to SGX's query on the net loss attributable to the asset to be acquired, Singapura Finance said that the figure stands at about S$326,400.
There are no other conditions attached to the transaction such as a put or call option, Singapura Finance confirmed, in response to another SGX query.
Shares of Singapura Finance closed flat at S$0.89 on Friday.