FFG sold that for MC Payment shares which are to list on the SGX...

FFG sold that for MC Payment shares which are to list on the SGX via a reverse take over...

4 May 2018 ASX and Media Announcement

Fatfish Founded iFashion Group To be Acquired for AUD $24.8 Million

Fatfish Internet Group Limited (“Fatfish”, the “Company” (ASX:FFG) is pleased to announce that Singapore based veteran fintech startup, MC Payment, has entered into an agreement to acquire iFashion Group, an online fashion and lifestyle retailer and an investee company of Fatfish, for USD $18.7 Million (AUD $24.8 Million), through a cash and share deal.

Fatfish has a 17% shareholding in iFashion and the sale of the business will net FFG a total of USD $3.179M (AUD $4.23 million) worth MC Payment Shares,
which will list on the Singapore Exchange (“SGX” via reverse takeover,
with SGX Catalist listed Artivision Technologies Ltd. Fatfish and iFashion’s vendors will receive the listed shares upon completion of the reverse takeover.Although FFG originally planned for the iFashion group to list on a public exchange during 2018, the sale of the business has allowed Fatfish a profitable and straightforward exit.
Under the agreement, MC Payment will also provide working capital for iFashion Group to expand its business. Fatfish currently does not have any obligation to provide working capital to iFashion Group. The transaction is expected to finalised within a 6 months period, conditional upon conclusion of a due diligence exercise on the iFashion Group by MC Payment.

Kin Wai Lau, CEO and Director of Fatfish and iFashion Group, commented “This sale of the iFashion business is highly significant for FFG as the sale marks a huge success in venture building. In 3 short years, iFashion Group was built and has realised almost doubled its revenue yearly, by acquiring and incubating multiple brands via a seamless and almost flawless process. The Fatfish team played a significant role in helping to build momentum in the venture, with lots of support from the very talented iFashion Group management team and all shareholders. “