Aspial Corporation Limited said on Oct, 08 2025 that it has teamed up with JK Global Investment Pte. Ltd. to acquire all shares in AF Global Limited not already held by the two parties, via a court-sanctioned scheme of arrangement.

Under the proposal, minority shareholders will receive 0.11 Singapore dollars in cash for each AF Global share, valuing the deal at about 31.76 million Singapore dollars for the 288.68 million shares targeted. Aspial and JK Global currently control 440.69 million and 326.27 million AFGL shares respectively, which are excluded from the offer.

A special-purpose vehicle, AFG Investment Pte. Ltd., has been set up to execute the buy-out, with Aspial and JK Global each owning 50 percent of the entity. The partners will fund the purchase through equal equity contributions and external financing, for which Aspial will guarantee up to 15.88 million Singapore dollars.

The scheme requires approval by a majority in number representing 75 percent in value of votes cast by independent shareholders, as well as High Court sanction and regulatory clearances. If successful, AF Global will be delisted from the Singapore Exchange.

Aspial said the privatisation would give management greater flexibility, noting that AF Global has not raised equity capital since 2010 and continues to incur listing costs despite low trading liquidity. An independent financial adviser has been appointed, and a detailed scheme document will be sent to shareholders in due course.