VCPlus furthers fintech ambition with S$5 million acquisition

CATALIST-LISTED gold miner VCPlus on Monday announced it is acquiring technology consultancy firm APEC Solutions for S$5 million, in a bid to further its fintech ambition.

The consideration will be paid via the issuance and allotment of 172.4 million new VCPlus shares to APEC Solutions' sole director and shareholder Cedric Yap Kun Hao at 2.9 Singapore cents apiece.

The consideration shares represent about 3.95 per cent of the existing issued and paid-up share capital of VCPlus, and about 3.8 per cent of the enlarged share capital.

The issue price represents a premium of 16 per cent to the volume weighted average of 2.5 cents per share for trades done on Monday, when the sale and purchase agreement was signed.

APEC Solutions' business includes blockchain and fintech solutions development, enterprise software solutions, e-commerce, and digital marketing services. The company also advises companies on licensing and grant requirements and applications in Singapore.

"This acquisition allows VCPlus to grow its capabilities to serve the growing blockchain and fintech technology sector," said VCPlus chief executive officer Clarence Chong Heng Loong.

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The proposed acquisition comes after VCPlus in April this year entered into a joint venture with CapitalX Global and five investors to make its first foray into the fintech sector. The company had then also changed its name from Anchor Resources.

The proposed acquisition is a strategic move by VCPLus to secure and tap the expertise, resources, and network of APEC Solutions to accelerate its business growth in the technology consulting space, the company said in a press statement.

On completion of the proposed acquisition, APEC Solutions will become a wholly-owned subsidiary of VCPlus. Meanwhile, APEC Solutions' two wholly-owned subsidiaries, IT services provider CLIKZ and e-commerce applications developer 3SIXTY VHOMES, will become indirect wholly-owned subsidiaries of VCPlus.

"My team and I look forward to become a part of VCPlus' larger vision to be the first SGX-listed custodian for digital assets. With the support from VCPlus, we are better positioned to capitalise on the growth in the blockchain, fintech and digital assets sectors," said APEC Solutions' Mr Yap.

Shares of VCPlus closed flat at 2.5 cents on Monday.