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Momentum Financial Holdings Limited ( (HK:1152) ) has provided an update.
Momentum Financial Holdings has signed a non-legally-binding memorandum of understanding to subscribe for or acquire a 2% equity stake in an independent target company valued at USD150 million. The USD3 million consideration is to be settled through the issuance of new shares in Momentum, priced at the lower of the 20-day average closing prices before signing the MOU or the formal agreement.
Completion of the proposed share acquisition is subject to execution of a formal agreement, regulatory and other necessary approvals, satisfactory due diligence, clean title to the target shares and other customary conditions. The deal, if concluded, may constitute a notifiable transaction under Hong Kong listing rules, and the company has cautioned shareholders and potential investors that the transaction may or may not proceed, with further announcements to follow as appropriate.
The most recent analyst rating on (HK:1152) stock is a Sell with a HK$0.23 price target. To see the full list of analyst forecasts on Momentum Financial Holdings Limited stock, see the HK:1152 Stock Forecast page.
More about Momentum Financial Holdings Limited
Momentum Financial Holdings Limited is a Bermuda-incorporated company listed on the Hong Kong Stock Exchange. The announcement does not specify its principal business lines, products or services, nor its core markets, focusing instead on a potential investment transaction rather than operational activities.
Average Trading Volume: 2,774,807
Technical Sentiment Signal: Strong Buy
Current Market Cap: HK$638.7M
See more data about 1152 stock on TipRanks’ Stock Analysis page.