twilightzonepinballmachine| INTL GENIUS plans to acquire a company that provides wealth consulting and other services

INTL GENIUS (00033) announced that on May 14, 2024, the company and the target company entered into a memorandum of understanding regarding the proposed acquisition of the entire issued share capital of the target company.

The target company is a company incorporated in Singaporetwilightzonepinballmachine, licensed by the Monetary Authority of Singapore to provide fund management services; advise on investment products (including pooled investment plans and life policies); and arrange life policies (except reinsurance). According to the currently available information, the target company mainly provides wealth consulting services and insurance-related financial consulting services to high-net-worth customers. It has served more than 150 customers and manages assets worth US$1 billion.

The consideration for the proposed acquisition is expected to be approximately US$30 million, based on the actual assessed asset price and the actual sale and purchase agreement. Based on the latest discussions between the company and the target company, the company is exploring the possibility of mainly issuing consideration shares and paying off the consideration with at least a portion of the cash consideration. The company is currently conducting due diligence on the target company. After satisfactory due diligence results are obtained, the company will conduct further discussions with the target company and its shareholders on the formal sale and purchase agreement.

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