Singapore E-development completes divestment of HotApps

SeD now owns bulk of Fragmented Industry Exchange.

SGX Catalist-listed Singapore eDevelopment revealed on September that a US-based firm is going to acquire HotApps, its instant messaging software subsidiary.

After over a month, the firm today revealed that HotApps has been completely acquired by Fragmented Industry Exchange Inc. for US$700m.

It will be financed was the issuance of 1.0 million new shares at US$10 each (US$10 million) and US$690 million worth of zero-coupon perpetual bonds with a conversion price of US$10 each.

The proposed transaction resulted in SeD owning 99.84% of FIE. FIE will in turn hold HotApps as a wholly owned subsidiary.

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