Great Eastern, a notable company from Singapore has recently reported of its latest business investment, citing share subscription collaboration with a fintech organization, based in Malaysia, under the brand, Boost Holdings.
Based in Singapore, Great Eastern is an insurer provider company. Of-late the company is creating tremendous buzz in the industry after it made an announcement to invest in a novel acquisition deal. As per the agreement, Great Eastern will henceforth acquire around 21.875% stake in Boost Holdings.
Boost Holdings is a financial technology organization. It is a Malaysian concern which is best known to be serving as e-wallet and lifestyle application to Malaysian customers. The application by Boost Holdings boasts of a total customer base of over 7.5 million.
Boost Holdings is a subsidiary of Axiata which claims to have cent percent control on all operations of Boost Holdings. The aforementioned acquisition deal with Great Eastern will therefore furnish a business collaboration between Axiata Group on the whole.
The overall acquisition deal was struck for a transaction of US$70 million. With this deal in place, Axiata Digital will eventually own 78.12 per cent, the remaining would henceforth be owned by Great Eastern.
The development is identified as a pioneering move, making the investment first of its kind, foreign based business venture in Malaysia. The deal has been struck to pursue advanced digital financial services and expand the services further under the leadership of Great Eastern.
The development is a crucial one and makes it third most significant investment under Axiata banner. The previous organizations who invested lucratively in Axiata comprise Mitsui and Sumitomo. IN the words of Great Eastern CEO, Khor Hock Seng, this investment in Axiata's Boost Holdings would further favor its regional growth objectives on the back of Axiata's massive fintech infrastructure.