Tue, Jun 30, 2020 - 9:04 AM PROPERTY developer Hatten Land on Monday said it has entered into conditional agreements to acquire a 20 per cent st
Tue, Jun 30, 2020 – 9:04 AM
PROPERTY developer Hatten Land on Monday said it has entered into conditional agreements to acquire a 20 per cent stake in ECXX Global, which provides digital asset exchange services in Singapore, for some US$6 million.
The Catalist-listed firm has entered into a conditional sale and purchase agreement with existing shareholders of ECXX to acquire 19,809 ECXX shares, representing an 18.54 per cent stake in the company. Hatten Land has nominated its indirect wholly-owned subsidiary Hatten Technology to hold the ECXX shares.
The existing shareholders of ECXX are: investment holding companies CapitalX Global (72.67 per cent) and Epsilon Investment (9.5 per cent); Ariki Asia (8.55 per cent), which imports and exports beverages, cosmetics and alcohol; information technology consultancy ChainUp (5 per cent); as well as Lee Chin Foong (4.27 per cent), who is the sole director and the chief executive of ECXX.
Another conditional share subscription agreement has been entered into between Hatten Technology and ECXX to subscribe for 1,557 new ordinary shares in ECXX, representing a 1.46 per cent stake of its enlarged share…