AGTech Holdings has announced plans to acquire existing shares and subscribe to new shares of Ant Bank (Macao), increasing its stake to 51.5 per cent.
The transaction, subject to regulatory approval, will be complete for MOP243 million (US$30 million).
Ant Bank (Macao), which is linked to Alibaba Group, will become a subsidiary of AGTech, with its financial statements consolidated into the group’s financial statements in the future.
AGTech believes that this acquisition aligns with its strategy to support the digital transformation of financial services in Macau and the Greater Bay Area.
AGTech, which in 2021 acquired Macau Pass, a mobile payment service operator, announced earlier this week that it concluded the year 2023 on a positive note with an expected profit of HK$22 million.
It is a member of Alibaba Group, providing lottery, mobile games and entertainment services.
