Singaporean printed circuit boards maker and seller CPH revealed that it has complied to purchase business to business financial technology firm oCap Management, a unit of Hong Kong’s Delphinium Capital, for S$61.8 million ($45 million) in a reverse takeover deal.
Under the terms of the transaction, CPH will purchase oCap from Delphinium Capital through an issuance and allotment of 5.15 billion new shares at $0.0087 per share.
CPH said that the deal will help it to diversify from its printed circuit board business. The transaction will also allow it to penetrate the fast-growing financial technology industry with an operating business that has a profitable track record and high growth potential.
Following the purchase, Delphinium will become the single largest shareholder in CPH at 80.34 percent. The acquisition is expected to close by the second quarter of 2019.