BPC is pleased to share that Ovanti Limited (ASX: OVT) has received a formal response and acceptance from i.Destinasi.Sdn Bhd. (IDSB) for the sale of the Company’s 21% stake in the business, which remains subject to the parties executing formal documents.
Since the Company’s previous announcement regarding the sale on 20 August 2024, discussions have progressed, and the transaction will now involve IDBS buying back the Company’s shares (rather than the purchaser being the majority shareholder in IDSB). It is proposed that the sale of the Company’s 21% stake will be facilitated by way of a share buyback of the Company’s 3,360,000 shares (representing 21% of the total issued capital in IDSB) by IDSB for RM40,000,000.00 (equivalent to approximately AUD$13,770,000 at the current exchange rate).
Commenting on the announcement, David Halliday (Chairman of OVT) said:
“This is a major step forward in the process of realising value for one of Ovanti’s Malaysian, non-BNPL assets. The funds realised from a successful completion of the sale will provide significant, non-dilutive funding towards the company’s stated ambitions of expeditiously entering the US market with a BNPL offering.”
The Company will continue to engage with IDSB to negotiate and execute formal documents to facilitate the settlement of the sale. Based on discussions, the Company expects settlement to occur within the next 30 – 45 days. The Company will inform the market of any material developments, including execution of any formal documents, in regard to the sale as and when they come to hand.
Read the full Ovanti Limited Company Update here.
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