LONDON (Alliance News) - All Asia Asset Capital Ltd Thursday said it has signed a letter of intent that could result in an investment into a business that would lend money to customers looking to lease motorcycles or cars in Laos, with the potential to expand into other areas of South East Asia.
In a statement, All Asia Asset Capital said that the letter was signed with Quick Win Global Ltd, which would be developed as a vehicle financing business.
According to All Asia Asset Capital, Quick Win was recently incorporated in the British Virgin Islands and would require an initial capital injection of USD1.5 million to set up the vehicle financing business and to find a management team.
"Subject to the completion of satisfactory due diligence by AAA and entering into definitive agreements AAA intends to provide fund raising services to Quick Win and, together with the existing shareholders in Quick Win, intends to invest and procure co-investors to raise the necessary capital," All Asia Asset Capital said.
The letter of intent is not binding. A deal between All Asia Asset Capital and Quick Win would depend on due diligence, contracts and other rules.
All Asia Asset Capital said it expects that it would hold a minority equity stake in Quick Win if it decides to invest in the company.
All Asia Asset Capital shares were untraded on Thursday morning. The stock closed at 19.00 pence on Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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