Completion of the Attainment of Controlling Stake in Ant Bank (Macao), Expanding Digital Financial Services in Macau and Globally
HONG KONG SAR - EQS Newswire- 3 September 2024 - AGTech Holdings Limited (HKEx stock code: 8279, hereinafter referred to as "AGTech") is pleased to announce that it has officially completed the attainment of the controlling stake in Ant Bank (Macao) Limited ("Ant Bank (Macao)") on September 2, 2024.
The Transaction was completed for MOP 243 million through the acquisition of existing shares and the subscription of new shares of Ant Bank (Macao). Upon completion of the Transaction, AGTech holds approximately 51.5% of the issued share capital of Ant Bank (Macao), making Ant Bank (Macao) an indirect non-wholly owned subsidiary of AGTech.
AGTech is an integrated technology and services company that is dedicated to providing electronic payment, lottery and local consumer services, with a focus on Chinese Mainland and Macau. In recent years, AGTech has been strengthening its infrastructure and platforms to support the digital transformation of financial services in Macau and globally. As a licensed bank in Macau, Ant Bank (Macao) utilizes its leading technology and innovative solutions to provide the market with safe, inclusive, and convenient digital financial services.
The completion of the Transaction will enhance synergy between AGTech's electronic payment services in Macau and Ant Bank (Macao)'s digital banking services. By integrating "payment plus inclusive finance" services with business scenarios and resources of the ecosystem, it will meet the diversified financial needs of the market, and foster the digital transformation of financial services in Macau. Through the synergies with AGTech's various business units in life services, cultural entertainment and e-commerce, coupled with Macau's leisure and tourism features, AGTech aims to create distinctive cross-border financial services to attract more cross-border tourists (who are eligible to receive such services) to visit Macau, thus supporting the economic development and growth of Macau.
According to the 2024 Policy Address by the Macau SAR Government, 2024 marks the first year of the implementation of the "1+4" moderate and diversified economic development strategy, with the modern financial services sector identified as a pivotal focus. The Government is committed to driving innovation in financial technology, using technology to bolster the financial sector's development. It actively supports financial institutions to offer wide-range and accessible financial services for micro, small and medium-sized enterprises in Macau. AGTech's attainment of the controlling stake in Ant Bank (Macao) represents a proactive alignment with this strategic direction.
Mr. Sun Ho, Chairman and CEO of AGTech, stated, "This acquisition is a milestone for AGTech. It reflects our commitment for the financial service sector of Macau and the broader digital economy, expanding our reach into the digital financial sector. Furthermore, it aligns with the Macau SAR government's '1+4' planning and drives innovation of the modern finance, injecting new vitality into financial technology innovation and economic diversification in Macau and globally." By completing the Transaction, AGTech's business scope will expand from digital payment services and digital local consumer services to digital financial services.
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