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Vemanti Group Signs Agreement to Acquire ETN Singapore, Expanding Its Presence In Asia-Pacific
Vemanti Group Signs Agreement to Acquire ETN Singapore, Expanding Its Presence In Asia-Pacific.
About this update from Vemanti Group Inc.
[{"type":"text","content":"\n\n NEWPORT BEACH, Calif., April 03, 2018 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has signed an agreement to acquire ETN Singapore Pte Ltd (ETN) as part of its strategy to expand to Asia-Pacific, especially into Southeast Asia.\n Singapore-based ETN, a multi-asset holding company, is a leader in telecommunication services and solutions, offering both prepaid and postpaid wholesale and retail voice and data solutions. Its notable portfolio companies include Netsapiens (https://netsapiens.com/), Sansay (https://www.sansay.com/), and Mobifone Global Singapore, a subsidiary of Mobifone Global JSC ((http://mobifoneglobal.vn/) whose parent company is Mobifone Corporation (http://mobifone.vn/), the first and currently second largest telecommunications service provider in Vietnam with a net revenue of nearly $1.54B USD in 2016. The acquisition will complement and enhance the company’s portfolio and will help increase its exposure in the Asia-Pacific region, while boosting international revenues. The agreement follows many months of joint cooperation and exploration on emerging opportunities in the region between the two companies. Tan Tran, CEO of Vemanti Group, stated “We believe that it is important for Vemanti to expand internationally, especially into Southeast Asia with many blockchain and fintech opportunities being relatively under-penetrated. This acquisition makes sense in many ways, not only will it boost our assets and holdings, ETN’s strong regional experience and footprint will serve as the foundation framework for future investments and developments. Also, thanks to government support and local associations, such as Singapore Fintech Association, Singapore is the obvious choice to establish our regional base.” “Part of the reason that we linked up with Vemanti is that, we wanted to grow ETN beyond Singapore. US is obviously the next move, but we feel that there are opportunities throughout the Southeast Asian region. As we get through each move we will look at different ways to grow from there,” explains Richard Tang, Chairman for ETN. As part of the agreement, the Company will execute an equity exchange for 100% ownership interest in ETN. The Company will start its due diligence immediately, and the transacti...