Credit China FinTech Holdings Ltd. plans to acquire a 51% stake in Singapore-based Havenport Asset Management Pte. Ltd. for approximately S$25.5 million.
The company said March 29 that it entered into a nonbinding term sheet with owners of Havenport Asset Management and the company for the potential investment, which comprises the acquisition of shares in the asset management company from the sellers and subscription of new shares.
Completion of the proposed deal is subject to approval of the Singapore central bank, the Chinese company added.
Havenport Asset Management also operates a funds and managed accounts platform.
Credit China FinTech has remained quite active in the M&A space since early 2016. It struck deals in 2016 to acquire majority stakes in Spring Reliance Ltd., Genesis Business Holdings Ltd. and Vietnam's Amigo Technologies Joint Stock Co., as well as a 48% stake in online consumer finance platform Leyu Ltd. Later in January 2017, the company, in concert with HongDa Financial Holding Ltd., agreed to acquire a 35.58% stake in Ping An Securities Group (Holdings) Ltd.
As of March 29, US$1 was equivalent to S$1.40.