CoAssets Ltd (ASX:CA8), a web-based real estate and business crowd funding platform, was up 100% at noon on the Australian Securities Exchange (ASX) while Lakes Oil NL (ASX:LKO) and Oro Verde Ltd (OVL) were up 50% and 42.86%, respectively. BusinessNewsAsia.com examines the market moving reports that sent CoAsset Ltd’s stock soaring in today’s trading.
CoAssets Ltd’s stock reached its 52-week high at noon today when shares traded at 0.400 a share on reports that it acquired 25% of the shares of Brigthen Finance Limited for a total consideration of SGD1.8 million.
CoAssets will acquire a total of 2,500 fully paid shares of Brighten Finance Limited (BFL) over two equal tranches of 12.5% each in September 2017 and November 2017.
“This acquisition greatly strengthens our internationalisation strategy. Ultimately, this investment will increase our market reach and assist us to achieve our financial objectives,” said Getty Goh, CEO and Co-founder of CoAssets.
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BFL is a Hong Kong-based financial company established in November 2015 and is a group company of BML. The CoAssets Board considers the acquisition to be a strategic fit to the company’s business model ad it is expected that the acquisition will give the ASX-listed compmy the ability to recognise additional revenue from this investment of approximately SGD1.45 million per year.
“We are confident that, together, Brighten Management Limited and CoAssets will benefit greatly from this strategic alliance and long-term working relationship,” said Julian So, Chief Business Development Officer and Co-Founder of BML.
Oro Verde Limited (ASX:OVL)’s stock gained 42.857% at noon today after it released reports that it has entered into a standby Bridging Loan Agreement with Inkjar Pty Ltd.
In a disclosure, Oro Verde said the bridging loan agreement is for the amount of up to USD500,000 on an as needs basis. The term is from 1 September to 30 November 2017 and could be extended by mutual consent. – BusinessNewsAsia.com