Singapore: Fintech firm Ayondo in $117.4m RTO deal with Starland Holdings

Visual of Ayondo homepage. April 2016.

Starland Holdings, a listed corporation on SGX Catalist, the secondary board of the Singapore bourse, will acquire financial technology (fintech) firm Ayondo Holding AG for S$157.5 million ($117.4 million).

According to a stock exchange filing, the purchase is through the issuance and allotment of new fully paid-up ordinary shares in the share capital of Starland.

In a statement, Starland commented: “The proposed acquisition would present the group with an opportunity to expand its business in line with its diversification strategy into the fintech business, which will allow it to achieve a more consistent and sustainable financial growth.”

Post-acquisition, its shares will be consolidated to meet Singapore Exchange’s Minimum Trading Price rule of 20 cents each, with the transaction seeing a reverse takeover of Starland. The deal is conditional upon the approval of its shareholders in an extraordinary general meeting.

Ayondo provides social trading services and brokerage services for both B2C and B2B customers. It is licensed and regulated by the Financial Conduct Authority (FCA) in the United Kingdom (UK) and the Federal Financial Supervisory Authority (BaFin) in Germany. It was formerly listed on the Berne Stock Exchange under the name of Next Generation Finance Invest AG as an investment holding company.

Starland is a subsidiary of Mainboard-listed industrial product supplier GRP, which made an offer for the takeover of Starland in January 2016, following the acquisition of a 82.91 per cent stake for S$28.3 million.

Also Read: Fintech firm Ayondo may list on SGX via reverse takeover deal with Starland Holdings

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.