Momentum Financial Eyes 2% Stake in Cross-Border Payments Firm; Shares Down 5%
MT Newswires Live
Mar 12
Momentum Financial (HKG:1152) signed a memorandum of understanding to acquire or subscribe to a 2% stake in PayCools Cayman, a cross-border payment firm, according to a Wednesday Hong Kong bourse filing.
The proposed investment values Paycools at $150 million, with the stake purchase valued at about $3 million.
The consideration will be settled through the allotment and issuance of new shares by Momentum Financial.
PayCools provides cross-border collection and local payment services for e-commerce businesses across regions, including Southeast Asia, Latin America, and the Middle East, the filing said.
Momentum Financial's shares fell 5% in recent trade.
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