SIBJ Capital enters Investment Agreement
SIBJ Capital to invest MNT 7 billion for 51% stake in Mongolian InsurTech company Insur LLC
- Investment amount MNT 7 billion (USD 2,007,105.15)
- Equity stake acquired 51%
- Common shares component MNT 1 billion (USD 286,729.31)
- Preferred share component MNT 6 billion (USD 1,720,375.84)
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ICFG Limited is pleased to announce that its Mongolian subsidiary, SIBJ Capital, has entered into an investment agreement with Insur LLC ("Target"), a leading InsurTech company in Mongolia. Established in 2018, Insur LLC specialises in the development of digital insurance systems, advancing the modernisation of Mongolia's insurance industry.
SIBJ Capital will invest a total of MNT 7 billion (USD 2,007,105.15) in Insur LLC to acquire a 51% equity stake. The investment will consist of MNT 1 billion (USD 286,729.31) in common shares and MNT 6 billion (USD 1,720,375.84) in preferred share equity.
Insur LLC will focus on digital-based insurance and pension savings business. This strategic investment aligns with ICFG's commitment to establishing its presence in the insurance sector, particularly within the InsurTech space, as part of its broader mission to provide accessible financial services through fintech innovation.
The Company will make further announcements in due course, as appropriate.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.