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OneApex acquires 51% of fund management firm owned by executive director
ONEAPEX Limited, formerly known as Chew's Group, announced on Thursday that the company has entered into a sale-and-purchase agreement with its executive director Chiu Joon Sun to acquire 51 per cent of shares in fund management firm OneWealth Development for S$338,000 in cash.
Following the deal, the company will hold 51 per cent of the shares of OneWealth Development, which will become a subsidiary of OneApex Limited. OneWealth Development will also change its name to become OneApex Capital.
Mr Chiu is the sole owner of OneWealth Development.
The company said that the proposed acquisition is in line with its strategy to expand into the financial investment services business which is intended to consist of fund management, wealth management and family office advisory services. It is expected to expedite the business development of the group's financial investment services business.
It added that the deal represents an opportunity for an additional stream of revenue which will enhance shareholders' value in the long term.
The proposed acquisition is not expected to have any material impact on the group's earnings per share or net tangible assets per share for the current financial year ending Sept 30, 2019.