CSC Holdings (235) reported an update on a transaction involving the subscription of shares in AccX Limited. The transaction has a total consideration of US$4,371,428.56, subject to adjustment if project progress proves unsatisfactory to the lead investor. A key feature is the issuance of convertible preference shares at a 1:1 conversion ratio into ordinary shares, accompanied by anti-dilution, liquidation, and dividend preferences.
According to the latest details, the target company’s net asset value stood at zero prior to the transaction, as it was newly established on 13 May 2025. Upon completion of a US$6 million investment by the lead investor and a co-investor, the net asset value of the target company is expected to reflect that new capital. With AccXTech Limited retaining 10% of the enlarged share capital, the premium to the post-money net asset value is approximately US$0.6 million.
CSC Holdings (235) explained that the consideration was determined partly by the target company’s anticipated monthly working capital needs of roughly US$300,000. The founder of the target business has more than 20 years of experience in payment and financial technology, having served in leadership capacities at several well-known payment service providers.
Following a restructuring, the target company has fully acquired AccX Tech Pte. Ltd. in Singapore. The resulting shareholding distribution envisions 51% held by the lead investor, 10% by AccXTech Limited, 19% by the co-investor, and up to 20% earmarked for an employee share ownership plan.
CSC Holdings (235) highlighted potential synergies with Citystate Savings Bank, in which CSC Holdings recently acquired a 26.30% stake. Enhanced technological expertise from the payment industry could benefit Citystate Savings Bank’s digital transformation initiatives, while the bank may offer a user base for the target company’s payment solutions. CSC Holdings (235) further stated that its investment department will manage and monitor the performance of the target group, aiming to protect stakeholder interests.
Upon conversion of the convertible preference shares, the shareholding percentages of the lead investor, the co-investor, AccXTech Limited, and the employee share ownership plan are expected to remain the same (51%, 19%, 10%, and 20%, respectively). The board of CSC Holdings (235) deems the terms fair and reasonable and considers the transaction conducive to broadening the group’s financial services scope in Southeast Asia.
Dated: 18 November 2025