Press Release from Carey Olsen, Thursday 20 February, 2025.
Carey Olsen’s corporate team in Guernsey has advised ICFG Limited (formerly Fintech Asia Limited), a Guernsey company listed and admitted to trading on the main market of the London Stock Exchange (“LSE”), on its takeover of ICFG Pte. Ltd., a provider of micro-finance loans and investment products across Asia, with business interests across Singapore, Mongolia, Kazakhstan, Kyrgyzstan and Uzbekistan.
ICFG Limited was originally established in 2022 under the name Fintech Asia Limited for the purposes of acquiring one or more companies or businesses in the financial technology sector, focused on improving the delivery and use of financial services in Asia.
The acquisition was structured as a reverse takeover, in which ICFG Limited issued new shares in itself to the existing shareholders in ICFG Pte. Ltd., in exchange for their shares in the target. The transaction valued ICFG Pte. Ltd. at approximately £114 million.
Working alongside onshore counsel Pinsent Masons MPillay LLP in Singapore, the Carey Olsen team advising on the Guernsey legal and regulatory aspects of the project comprised partner Andrew Tually, senior associate Henry Simpson, associate James Hewlett and trainee Sophia Brown.
Andrew Tually commented: “We are delighted to assist ICFG on this transaction and to advise on all aspects of Guernsey’s flexible and practical companies law regime, again affirming the ongoing appeal of Guernsey as the leading domicile of choice for non-UK companies listing on the London Stock Exchange”.
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