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Value Convergence closes purchase of 18% stake in Hackett Enterprises

Value Convergence Holdings Ltd. completed the acquisition of an 18% stake in Hackett Enterprises Ltd. from CVP Financial Group Ltd.

The company issued unsecured convertible bonds to CVP Financial Group on June 8. The bonds are convertible into 123,076,923 Value Convergence shares, or about 13.75% of its issued share capital as of June 8 and about 12.09% of its enlarged issued share capital, at HK$1.30 apiece.

In March, Value Convergence, through indirect wholly owned unit Apex Treasure International, agreed to acquire shares of Hackett Enterprises for HK$160 million. The company had said the deal will help it expand its market share in the loan financing business and gain a foothold in the Chinese market.

Hackett Enterprises is primarily engaged in providing loan financing and financial consultancy services in China and money lending services in Hong Kong.