Asia-Pacific Strategic Investments, a real estate developer listed on the Singapore Exchange (SGX), has finalized an agreement to purchase 100% ownership of Mobii Genius Co., Ltd., for a total of US$150 million. The acquisition will be funded through the issuance of 41.6 billion shares at a price of 0.483 cents per share. This transaction follows the signing of a conditional sale and purchase agreement (SPA) between Asia-Pacific Strategic Investments and Mobii Genius' parent company, Mobii Green Energy.
Mobii Green Energy, a Taiwanese company focusing on renewable energy solutions with an emphasis on environmental, social, and governance (ESG) standards for technology firms, established Mobii Genius as a special purpose vehicle (SPV) to offer streamlined, low-carbon emissions data processing and storage solutions. This includes potential ventures into green energy data center enterprises across Southeast Asia.
The potential acquisition, once finalized, would lead to a reverse takeover (RTO) of Asia-Pacific Strategic Investments pending approval from SGX-ST and the company's shareholders. Mobii Genius is poised to furnish carbon-neutral computing hardware for forthcoming facilities, including low-power processors and energy-efficient data processing algorithms.
Asia-Pacific Strategic Investments stated that the decision aligns with the escalating carbon emissions forecasted from Southeast Asia's rapidly expanding digital sector, projected to reach 20 million tonnes by 2030. The company emphasized its pursuit of new investments and strategic acquisitions to bolster operational standards and financial performance, particularly amidst challenges faced by its Chinese real estate ventures amid the country's property market downturn.
Asia-Pacific Strategic Investments, known for its expertise in constructing hospitality establishments and retirement communities, counts tycoon Oei Hong Leong as its largest shareholder, holding a 35.75% stake as of June 2023. The prospective acquisition aims to not only augment shareholder value but also to stimulate fresh investor enthusiasm for the expanded entity, paving the way for potential growth in value through an extended investment platform.
“Creating green data processing and storage facilities is of paramount importance, especially as data is now the bedrock of so many aspects of our lives, from business to essential services,” says Dato’ Dr Choo Yeow Ming, Chief Executive Officer of Asia-Pacific Strategic Investments. “While we have traditionally focused on the hospitality business, this acquisition will be a step forward in revitalising APS and enhancing shareholder value. We now look to grow sustainably alongside the climate resilience of the tech industry.”