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Future FinTech Enters Into Indonesia Market, and Signs Share Exchange Agreement to Acquire Asiasens Investment Holding Pte. Ltd.
NEW YORK, Dec. 18, 2020 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("Future FinTech", "FTFT" or "the Company"), a leading blockchain based
About this update from Future Fintech Group Inc.
[{"type":"text","content":"NEW YORK, Dec. 18, 2020 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) (\"Future FinTech\", \"FTFT\" or \"the Company\"), a leading blockchain based e-commerce company and a service provider for financial technology, announced today that it has entered into an Share Exchange Agreement (the \"Agreement\") with Asen Maneuvre Group Limited, a limited company organized under the laws of British Virgin Islands (the \"Seller\") to acquire 70.59% of the equity interest of Asiasens Investment Holding Pte. Ltd., a company incorporated under the laws of Singapore (\"Asiasens\"). \nAsiasens owns 85% equity interest of PT. Sens Tekonlogi Indonesia, an Indonesian company (\"STI\") which holds a Financial Service Authority (Otoritas Jasa Keuangan \"OJK\") license in Indonesia, and it also controls PT Permata Techno Indonesia, an Indonesian company (\"PTI\") through variable interest entity (\"VIE\") structure but will change it to 100% equity ownership of PTI before the closing of this transaction. PTI engages e-commerce business in Indonesia. \nPursuant to the Agreement, the Company, through its wholly owned subsidiary Future FinTech (Hong Kong) Limited is acquiring 70.59% of the equity interest of Asiasens by using 2,160,000 shares of common stock of the Company ( the \"Company Shares\"). The Company Shares will be issued according to the achievement of certain Earnings Before Interest and Taxes (\"EBIT\") goals by Asiasens in 2021 and 2022. \nMore complete information of the terms of the Agreement is set forth in the Form 8-K and its exhibit filed with the Securities and Exchange Commission on December 18, 2020.\nMr. Shanchun Huang, Chief Executive Officer of the Company, commented: \"Asiasens team has extensive experience in financial technology and business development in Indonesia and we are excited to be able to enter into consumer financial and e-commerce business in Indonesia through this acquisition. Asisens has established close cooperative relationships with major e-commerce companies in Indonesia. With a population of 260 million in Indonesia, we believe the acquisition of Asiasens is a key step for our business development in Indonesia and Southeast Asia markets.\" \nMr. Xujun Ji, Chairman of Asiasens, said: \"Relying on mobile Internet, big data and intelligent cloud computing, Asiasens has forged its core competitive...