AGTech Holdings set to buy Macau Pass

Technology conglomerate AGTech Holdings is aiming to acquire Macau’s mobile payment provider Macau Pass Holding, according to a statement from Macau Pass.
The deal is subject to regulatory approval since AGTech is a listed company on Hong Kong’s stock exchange.
The statement says that, if the deal proceeds, Macau Pass will become an indirect, wholly-owned subsidiary of AGTech.
It also noted that, since the acquisition constitutes a substantial amount in terms of the company’s value, the purchase is subject to review of prior information and public announcements, as well as requiring shareholders’ approval.
The statement also noted that finalization of the agreement already reached between the interested parties “is subject to fulfillment or waiver of the closing conditions, [so] the acquisition may or may not proceed.”
Macau Pass is owned by Liu Hei Wan, his son Joe Liu, Kin Keong and Vong Chak Kin, with Liu Hei Wan holding a majority share of 99% of the equity interests of Macau Pass.
Liu is also the chairman of both Macau Pass and the public bus operator Transmac.
AGTech is the exclusive lottery platform of Alibaba Group and Ant Group and has stated that the intended acquisition is aimed at establishing a strong position from which to expand their non-lottery hardware business from the mainland retail sector into the Macau market.