N2N Connect in talks for fintech partnership with Japan’s SBI Holdings

PETALING JAYA: N2N Connect Bhd proposes to place out 52.04 million new shares to Japan's SBI Holdings Inc to pave the way for strategic collaboration by leveraging on the financial technology and brokerage networks of both parties.

Under the private placement exercise, N2N is expected to raise about RM65.05 million based on an issue price of RM1.25 per placement share, according to its filing with the stock exchange.

It involves an issuance of 52.04 million new shares, representing 10% of the total number of issued shares.

SBI, which was listed on the First Section of Tokyo Stock Exchange, is involved in the financial services, asset management and biotechnology-related businesses.

N2N said it intends to utilise about RM64.90 million to enter into business alliances with SBI group, which may include acquisitions of strategic investments and/or entering into strategic collaborations, joint ventures or alliances with SBI group.

"The company is in the midst of discussions with SBI group on the proposed business alliances, which involve leveraging on the financial technology and brokerage networks of the parties. The proposed business alliances are expected to contribute and expedite N2N's plans to build an 'Asia Trading Hub' that would connect all their panel brokers across eight to 12 countries."

N2N shares closed three sen or 2.54% higher at RM1.21 today on some 8.54 million shares done.