US firm buying over Singapore eDev's HotApps

AN American company soon to be listed on an over-the-counter bulletin board plans to acquire Singapore eDevelopment's instant messaging software unit HotApps for US$700 million in shares and bonds, the local firm said on Thursday.

The over-the-counter board, akin to a junior exchange, is often considered a jumping board to a Nasdaq listing.

Of the US$700 million, US$10 million will be paid by the US firm, Fragmented Industry Exchange (FIE), through one million new shares of US$10 each, with the remaining US$690 million in zero-coupon perpetual bonds with a conversion price of US$10 each.