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PKF Littlejohn has revealed that it has supported Fintech Asia Limited on its acquisition of ICFG Pte. Ltd.
Alongside this, the firm supported the admission of the Enlarged Share Capital to the equity shares (transition) category of the Official List pursuant to UKLR, and to trading on the Main Market of the London Stock Exchange.
As a result of this, Fintech Asia Limited is now trading under the new name of ICFG Limited.
The acquisition constitutes a reverse takeover, and the group issued 177,840,000 new ordinary shares in the company to the previous shareholders of ICFG Pte. Ltd. These shares were issued at a valuation of 64 pence per share, giving a market capitalisation of £130,532,554 on admission.
ICFG Limited specialises in microfinance, using advanced technology to provide a competitive edge and create a business model that can grow easily. Originally established in Mongolia, the company has recently started expanding into other countries in Central Asia.
PKF acted as reporting accountant on the transaction and the Capital Markets team included Mark Ling, Karen Egan, Chad Everitt, Harendran Ramachandran, Daniel Bowden, Adam Humphreys, and John Paolo Dula.
Adam Humphreys, partner at PKF, said: “We are delighted to have worked with ICFG Limited on their acquisition and admission on to LSE. We look forward to following their future successes.”
