OSL Group (HKG:0863) unit OSL MidasPay agreed to purchase a new target company to be incorporated in a member state of the European Union from Teo Jing Wei for a total of nearly $7 million, a Monday bourse filing said.
The company will fulfill nearly $4.9 million of the compensation through cash and the remaining $2.1 million through the allotment and issue of 2,003,188 shares at HK$8.156 apiece.
The shares represent 0.319% of the cryptocurrency company's enlarged issued share capital.
The new target company, after its restructuring plan is complete, will be the holding company of four subsidiaries.
The OSL MidasPay will also acquire Saintpay from the vendor for $1,000. Saintpay engages mainly in the provision of virtual currency and digital portfolio services.
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