Evolve Capital Advisory Private Limited has issued its independent financial adviser’s letter to the independent directors of Aspial Corporation Limited (A17) on Nov, 20 2025.

The adviser concluded that Aspial’s proposed acquisition of all remaining shares in AF Global Limited—other than the holdings already controlled by Aspial and Koh Wee Meng’s investment vehicle KWMCo—is “on normal commercial terms and not prejudicial to the interests of Aspial and its minority shareholders” and is “in the interests of the shareholders.”

Under the scheme of arrangement announced on Oct, 08 2025, special-purpose vehicle AFG Investment Pte. Ltd., owned equally by Aspial and KWMCo, will pay 0.11 Singapore dollars in cash for each AF Global share. The price values the 288.68 million scheme shares (about 27.35 per cent of AF Global’s issued capital) at roughly 31.76 million Singapore dollars.

Aspial currently owns 440.69 million AF Global shares, while Koh Wee Meng directly holds 326.27 million shares; these stakes are classified as excluded shares and will not be acquired. Aspial will also provide a guarantee of up to 15.88 million Singapore dollars, representing half of the financing required for the offeror.

If the scheme becomes effective, AF Global will become a wholly owned subsidiary of AFG Investment and will be delisted from the Singapore Exchange.