Alset International (SGX:40V), a technology and lifestyle company, has signed an agreement to sell 6.5 million shares of HWH International to Alset Inc. for nearly $4.1 million, according to a Saturday filing on the Singapore Exchange.
HWH International operates a lifestyle business through a membership model and is 73.7% owned by Alset International. Following a debt-to-equity conversion, the sale will represent about 29.2% of HWH's enlarged share capital.
Facing financial losses and liabilities as of June 30, Alset International aims to improve its financial position through this divestment.
The sale consideration will be settled via a promissory note. An independent valuation estimated HWH's total equity interest at $8.6 million to $10.7 million as of Aug.31.
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