Honye Financial Services Ltd - Cayman Islands-based company seeking acquisitions in financial services and financial technology - Signs heads of terms to acquire entire shareholding of financial services and tech firm Zoyo Capital Ltd.
"Although the consideration payable by Honye has not yet been determined, it is anticipated that it will be satisfied entirely by the issue of new Honye shares to the Zoyo shareholders," company says.
Notes it also intends to carry out a simultaneous fundraising to raise further working capital for the enlarged group.
Says shares will be suspended until takeover completes.
By Paul McGowan; paulmcgowan@alliancenews.com
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Honye Fin.serv. (HOYE)