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Asiasens owns 85 percent equity interest of PT. Sens Tekonlogi Indonesia, an Indonesian company ("STI") that holds a Financial Service Authority (Otoritas Jasa Keuangan "OJK") license in Indonesia.
FREMONT, CA: Future FinTech Group, a blockchain-based e-commerce company and a service provider for financial technology, declared today that it has entered into a Share Exchange Agreement (the "Agreement") with Asen Maneuvre Group Limited, a limited company organized under the laws of British Virgin Islands (the "Seller") to acquire 70.59 percent of the equity interest of Asiasens Investment Holding, a company incorporated under the laws of Singapore ("Asiasens").
Asiasens owns 85 percent equity interest of PT. Sens Tekonlogi Indonesia, an Indonesian company ("STI") that holds a Financial Service Authority (Otoritas Jasa Keuangan "OJK") license in Indonesia, as well as it controls PT Permata Techno Indonesia, an Indonesian company ("PTI") through variable interest entity ("VIE") structure but will change it to 100 percent equity ownership of PTI before the closing of this transaction. PTI engages e-commerce business in Indonesia.
Pursuant to the Agreement, the Company, through its completely owned subsidiary Future FinTech (Hong Kong) Limited is acquiring 70.59 percent of the equity interest of Asiasens by using 2,160,000 shares of common stock of the Company ( the "Company Shares"). The Company Shares would be issued as per the achievement of certain Earnings Before Interest and Taxes ("EBIT") goals by Asiasens in 2021 and 2022.
Mr. Shanchun Huang, Chief Executive Officer of the Company, stated, "Asiasens team has extensive experience in financial technology and business development in Indonesia and we are excited to be able to enter into consumer financial and e-commerce business in Indonesia through this acquisition. Asisens has established close cooperative relationships with major e-commerce companies in Indonesia. With a population of 260 million in Indonesia, we believe the acquisition of Asiasens is a key step for our business development in Indonesia and Southeast Asia markets."