AGTech Acquires 33% Stake in Ant Bank Macau for $16.65 Million

AGTech Expands Influence with Strategic Acquisition of Controlling Shares in Ant Bank Macau

In a strategic move that underscores its expanding influence in the financial services sector, AGTech has announced the acquisition of a controlling stake in Ant Bank Macau. This acquisition is a key part of AGTech’s broader strategy to solidify its presence in the Macau financial landscape and enhance its capabilities in the digital finance and lottery industries. Valued at MOP133.2 million (US$16.65 million), this acquisition is set to reshape the company’s operations and drive its growth in one of Asia’s most dynamic markets.

A Strategic Acquisition to Bolster Financial Strength

AGTech, a Hong Kong-listed, China-based technology company, has made a significant stride in the financial sector by acquiring a 33.3% stake in Ant Bank Macau through its affiliate mFinance. The acquisition was formalized through a Share Transfer Agreement with Star N Cloud, which conditionally agreed to transfer the shares to AGTech’s mFinance subsidiary. The transaction, valued at MOP133.2 million, will see MOP39.9 million of the consideration distributed to AGTech Macau, an indirect wholly-owned subsidiary of AGTech.

The acquisition has received all necessary approvals, including the written consent of the Monetary Authority of Macao (AMCM), ensuring a smooth transition as Ant Bank Macau becomes an indirect non-wholly owned subsidiary of AGTech. This move not only strengthens AGTech’s financial portfolio but also enhances its capacity to offer a broader range of financial services in the region.

Macau Pass’s Financial Performance

In conjunction with this acquisition, Macau Pass, another indirect wholly-owned subsidiary of AGTech, has released its unaudited financial results for the second quarter of 2024. The report highlights a total income of approximately MOP166.6 million, with total expenses amounting to MOP162.4 million. While these figures provide a snapshot of the company’s financial health, it’s important to note that they remain subject to an audit review, which will be consolidated into AGTech’s final results.

This financial update underscores AGTech’s ongoing commitment to transparency and accountability as it continues to expand its footprint in Macau’s financial sector.

Continued Success in the Lottery Sector

AGTech’s momentum doesn’t stop with its financial sector advancements. The company recently announced its successful bid for a contract to supply sports lottery terminals in China. This contract includes the provision of new dual touchscreen lottery terminals to the provinces of Guizhou, Shanghai, and Hebei. Furthermore, AGTech has introduced new instant win games in partnership with Chinese logistics giant SF Holdings across key cities, including Shenzhen, Nanchang, Changsha, and Nanjing.

These developments highlight AGTech’s dual focus on expanding its financial services while continuing to innovate within the lottery industry, a sector in which it has long been a market leader.

AGTech’s acquisition of a controlling stake in Ant Bank Macau marks a significant milestone in the company’s strategic expansion within the financial services sector. This move, coupled with its continued success in the lottery industry, positions AGTech as a formidable player in both the financial and gaming markets. As AGTech continues to strengthen its portfolio and expand its operations, stakeholders can expect the company to play an increasingly pivotal role in shaping the future of digital finance and gaming in Asia.

The post AGTech Acquires 33% Stake in Ant Bank Macau for $16.65 Million appeared first on Gamingo News.

AGTech Expands Influence with Strategic Acquisition of Controlling Shares in Ant Bank Macau In a strategic move that underscores its expanding influence in the financial services sector, AGTech has announced the acquisition of a controlling stake in Ant Bank Macau. This acquisition is a key part of AGTech’s broader strategy to solidify its presence in
The post AGTech Acquires 33% Stake in Ant Bank Macau for $16.65 Million appeared first on Gamingo News.