Ovanti to sell stake in Malaysian finance firm for $10.8 million

  • Ovanti to immediately sell 15.75% of its 21% stake in Malaysian finance firm for ~A$10.8 million
  • Revised transaction structure for sale of Ovanti’s stake in i-Destinasi Sdn Bhd
  • Ovanti to retain 5.25% in i-Destinasi Sdn Bhd under revised structure

 

Special Reports: Fintech Ovanti has announced it will immediately sell 15.75% of its 21% stake in Malaysian finance firm i-Destinasi Sdn Bhd (IDSB) for MYR 30million (~A$10.8m).

Under a revised transaction structure for the sale of its 21% stake in IDSB Ovanti (ASX:OVT) will sell 2,520,000 of its 3,360,000 ordinary shares, equating to 15.75%.

Ovanti will retain the remaining balance of 840,000 shares, or 5.25% of its stake, in IDSB under the new structure.

IDSB and Ovanti may agree to terms to retain or sell the remaining interest of the 840,000 shares in a subsequent transaction later.

Ovanti said the revised structure was a continuation of the sale process announced and does not represent a new transaction or change in strategic direction.

The fintech said all parties remain committed to completing the deal on the revised terms and it would continue to update shareholders.

 

Value in retaining interest in IDSB

IDSB is a specialised finance company focusing on providing instalment-based consumer credit services to civil servants for and on behalf of Malaysian banks.

“Strategically, considering the improvement in the IDSB business and other synergistic business opportunities we have with IDSB, we do see value in retaining an interest of 840,000 shares equivalent to 5.25% of IDSB,” Ovanti executive chairman and interim CEO Daler Fayziev said.

“The management has further determined that MYR 30 million is sufficient from the sale of a 15.75% stake in IDSB at this stage.”

 

Ovanti inks deal as it prepares to enter US market

Ovanti recently announced it had inked a licensing deal with BNPLPay Protocol, a blockchain-based lending platform tailored for the buy now, pay later (BNPL) sector, securing its debt-funding needs.

The long-term agreement positions Ovanti as both a featured user and a partner of BNPLPay Protocol, forging a deep alignment between the two companies.

Ovanti said the licensing agreement is critical to US market entry plans for its BNPL offering.

Ovanti has appointed New York-based EAS Advisors to assist with the US BNPL expansion.

The company now uses the EAS offices in New York as its corporate registered office there and intends to open further offices in numerous states during 2025 in line with its US market entry strategy.

 

 

This article was developed in collaboration with Ovanti, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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