Digital Asset Trading Firm SMI Vantage’s New Strategy To Become The Largest Private Tech Company In Southeast Asia

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The World's First Private Tech-Based Digital Asset Trading Company SMI Vantage Acquired 2 Cryptocurrency Mining Machines

In a deal worth S$705,000, SMI Vantage acquires 3,000 crypto mining machines.

In a statement, SMI Vantage said that the acquisition is in line with its strategy to grow its digital business.

SMI Vantage is a leading provider of trading and information solutions for the global financial markets, as well as other industries such as energy and real estate. The move by SMI Vantage into crypto mining machines also comes at a time when cryptocurrencies are gaining traction and more people are looking to digital currencies, such as Bitcoin, for investment opportunities. 

This month, SMI Vantage*: Y45 +8.7% acquired 3,000 crypto mining machines from NBTC Limited, a wholly owned subsidiary of China-based technology firm The9, for 3.3 million yuan, or S$705,000  (according to the agreed exchange rate of S$1.00 to 4.68 yuan).

SMI Vantage’s wholly owned subsidiary SMI CS issued the purchase order on Wednesday (Nov 24). The agreement comes one week after SMI Vantage and Nasdaq-listed The9 announced a partnership to develop NFT publishing.

SMI Vantage’s new ordinary shares may be issued to The9 either at an issue price of S$0.09 per share, credited as fully paid-up shares, or at a price of S$0.09 per share equivalent to the value of the purchase consideration, subject to shareholders’ approval.

On average, the share price for the last 30 full market days during which they were traded on the mainboard has been S$0.10 per share. Therefore, the issue price of S$0.09 represents a 10 per cent discount to that price.

According to a filing by SMI Vantage on Nov 24, the purchase consideration was agreed upon by the parties at arm’s length on a “willing-buyer, willing-seller” basis.

A technology company incorporated in the Cayman Islands and headquartered in China, The9 holds an aggregate of 8.6 per cent of SMI Vantage’s equity share capital, which consists of 44.3 million shares.

Via this site.

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