PropNex announces S$1.0 million acquisition of Ovvy – The People Marketplace

Upon completion of the transaction, Ovvy will become a 70% subsidiary of PropNex. The remaining 30% of the issued and paid-up capital of Ovvy is held by Michele Mia Gigandet Lin.

SINGAPORE: PropNex Limited’s wholly-owned subsidiary, PropNex Grandeur Homes has entered into a share sale and purchase agreement with, amongst others,TB6 Pte. Ltd. and Rapzo Capital Pte. Ltd. to acquire70% of the issued and paid-up capital of Ovvy Pte. Ltd.

The consideration payable by PropNex will be S$1.0 million, of which 35% will be paid to TB6 Pte. Ltd and 65% to Rapzo Capital, both investment holdings companies based in Singapore.

Upon completion of the transaction, Ovvy will become a 70% subsidiary of PropNex. The remaining 30% of the issued and paid-up capital of Ovvy is held by Michele Mia Gigandet Lin.

Ovvy provides a technology platform that connects service providers to consumers. Ovvy is a company incorporated in Singapore on 7 March 2016, which as at the date of this announcement, has an issued and paid-up share capital of S$970,000 comprising 370,000 ordinary shares and 92,500 preference shares.

This acquisition will provide an additional technology platform that allows the Company as well as its salespersons to render further value-added services and to reach out to consumers.

The consideration will be paid in cash and was arrived at after arm’s length negotiations between the Purchaser and the Vendors, on a willing-buyer and willing-seller basis, taking into account, inter alia, the business operations and prospects of Ovvy.

PropNex Limited, Singapore’s largest listed real estate agency, today announced that it is further venturing into the proptech space with its proposed acquisition of a 70% stake in Ovvy – The People Marketplace, a technology platform that connects service providers to consumers.

This acquisition expands the Group’s foray into proptech, through the provision of an additional technology platform for PropNex and its salespersons to render further value-added real estate services to better serve clients and the general public.

Ovvy marketplace for services is available through a mobile platform and provides a one-stop reliable comprehensive ecosystem which connects consumers with trusted merchants and daily service providers.

PropNex salespersons will be able to provide enhanced value-add to their clients a host of services via Ovvy’s hundreds of merchants that are currently on the platform.

Ismail Gafoor, co-founder, Executive Chairman and CEO of PropNex, said: “The Group is constantly upgrading our technological capabilities and now employs online platforms to further enhance real-time connectivity among our salespersons and their clients. We believe with this acquisition, PropNex salespersons can provide a more holistic support for their clients, landlords, tenants and home investors especially on the after-service care and maintenance of their clients’ investments. Through technology, we intend to stay ahead of the curve in terms of innovation and transform the digital landscape in the real estate industry for the betterment of our salesforce.”

PropNex Limited is Singapore’s largest listed real estate agency. As an integrated real estate services group, PropNex’s key business segments include real estate brokerage, training, property management and real estate consultancy. The Group has a dominant presence in Singapore’s residential market, even as it continues to expand its suite of real estate services and with growing presence in Indonesia, Malaysia and Vietnam. www.propnex.com

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