MC Payment is moving forward with a reverse takeover via Artivision Technologies to list on the SGX

Mobile Credit Payment Pte. Ltd (better known as MC Payment), has acquired iFashion Group for S$25 million (US$18.7 million) in a deal that will give the payments platform ownership over a few well-known brands like Megafash and Dressabelle.

The company also announced it will list on the SGX Catalist via a reverse takeover by Artivision Technologies. This deal was originally planned in November, but the public announcement late last night means it will officially go through pending shareholder approval.

A reverse takeover means Artivision (a public company) will be purchasing a 100 per cent stake in MC Payment (a private company) to facilitate its listing on the bourse.

The deal is currently set at S$80 million (US$60 million) but could be increased to S$100 million (US$75 million). It will be facilitated by the issuance of 446,428,570 Consolidated Shares at a price of S$0.28 (US$0.21) per share.

“The proposed RTO is extremely meaningful in providing us greater access to the broader investor community, and in raising our profile and our propensity to achieve greater heights in our next phase of growth,” said Anthony Koh, the Founder and CEO of MC Payment in a statement.

“We have a scalable infrastructure of O2O solutions and core competencies to create novel financial technologies which put us in a unique position to capitalise on the rising adoption of cashless payments in the region.”

When MC Payment lists, it will be uniquely positioned as both a fintech and blockchain company on the stock exchange. Its blockchain services comes via a partnership with Sakae Holdings, known for its sushi. The two companies have built a service called Bitecoin, a cryptocurrency built on Ethereum that wants to facilitate transactions in the F&B industry.

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As for the iFashion Group deal, MC Payment has just purchased a company that made a splash early in its history via a string of acquisitions. In 2016, the company bought Dressable and Malaysia’s Nose. In early 2017 iFashion bought the 020 company Megafash.

At the time, those deals looked like the precursor to an IPO that never came to fruition.

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