Business
TOP Financial Group Limited Enters into Share Purchase Agreement to Acquire Australian Broker Top 500 Sec PTY Ltd.
Hong Kong China, Sept. 01, 2022 (GLOBE NEWSWIRE) -- TOP Financial Group Limited (the "Company") (NASDAQ: TOP), a fast-growing online brokerage firm located in
About this update from Top Financial Group Limited
[{"type":"text","content":"Hong Kong China, Sept. 01, 2022 (GLOBE NEWSWIRE) -- TOP Financial Group Limited (the \"Company\") (NASDAQ: TOP), a fast-growing online brokerage firm located in Hong Kong specializing in the trading of local and foreign equities, futures, options products and other financial services, today announced that the Company has entered into a Share Purchase Agreement (the “Agreement”) to acquire Australia-headquartered brokerage firm TOP 500 Sec PTY Ltd. (the “Target”). Pursuant to the Agreement, the Company agrees to acquire, and PRO800 Limited (the “Seller”) agrees to sell, 100% of the equity interest in the Target for a total consideration of $700,000. The closing of the transaction is conditioned upon completion of due diligence reviews of the Target and any required regulatory approvals. The Target is a profitable broker that owns an Australian Financial Services License (AFSL:328866) and is principally engaged in providing financial services business in Australia that includes arranging or providing financial advice on financial products such as derivatives, foreign exchange contracts, stock and bond issuance etc. Mr. Ka Fai Yuen, CEO of the Company commented: “The proposed acquisition of an Australian local service provider could potentially be a fantastic opportunity for us to continue expanding and solidifying our presence globally and gain access to wider scope of customers. We would carefully study the viability of this acquisition and we also have sufficient financial resources to complete the deal should we decide to proceed further. Our Company has consistently been disciplined and focused on delivering dedicated and high-quality brokerage services for our clients, thus we will conduct careful analysis to determine whether this or other opportunities we are considering provide the most compelling value for our business and shareholders.” About TOP Financial Group Limited Founded in Hong Kong, the Company, through its operating subsidiaries, operates online brokerage platforms specializing in the trading of local and foreign equities, futures, and options products. The trading platforms, which the operating subsidiaries license from third parties enable its investors to trade on renowned stock and futures exchanges around the world, including the Chicago Mercantile Exchange (“CME”), Hong Kong Futures Exchange (“HKFE”), The...