- The agreement for the acquisition of IDSB shares by IOUpay was amended effective 31 August 2022.
- The investment has been reduced to a 34% stake (down from 42%).
- The total purchase price is now RM72.5 million (~AU$23.3 million) as compared to the RM84.7 million (~AU$27.2 million) adjusted purchase price determined in June.
- The revised terms provide IOU with nearly AU$4 million additional working capital to progress its business strategy.
IOUpay Limited (ASX:IOU), a leading fintech and digital commerce solutions provider, has made an announcement with respect to its investment in I.Destinasi Sdn Bhd (IDSB). The terms of investment as agreed to by the parties have been revised effective 31 August 2022.
The amendment is in the tranche two payment terms of the deal. IOUpay has stated that its investment in IDSB would now represent an ownership of 34% of the latter company’s issued capital. For this ownership, IOUpay’s total investment would amount to RM72.5 million, equivalent to nearly AU$23.3 million.