Singapore-based personal finance platform MoneySmart is entering into a reverse takeover merger with Singapore-listed hotel operator Asia Pacific Strategic Investments (APS), according to a stock exchange filing on Thursday.
MoneySmart will hold over 75% of the combined entity upon completion of the merger, while APS will relinquish and dispose of its real estate business, which was “significantly” disrupted by COVID-19 pandemic leading to net losses. APS’s property assets comprise a 113-room luxury riverside boutique hotel and retirement villages in Huzhou, China.
The move will see MoneySmart become a publicly traded firm on the Singapore Exchange (SGX), at a combined group valuation of $161.7 million.
