June 13, 2012

After failing to close the deal with IPP, HK IFA Convoy Financial is still looking for a potential purchase alternatives

Both of the parties are not yet satisfied with the due diligence, Rosetta Fong, the youthful chief executive of Hong Kong-based Convoy Financial Services adds: “It is simply that reason. We had some negotiations on the terms. That is why as a listed company we needed to make an announcement – not to stop it – but that it will not happen yet.”


So are there still ongoing discussions with IPP?

“I think it is still open for us and both of us can open up to looking for potential buyers, but after the deadline we are looking for other purchases as well.”

Most of the due diligence with IPP has finished and she says they are defining the terms that are acceptable to each other. “But that is not quite close to the expectations for both of us yet,” she laughs.


Comment: "That might be an interesting development for Singapore Financial Advisory space. Although I wouldn't be surprised if Convoy decided to wait out the results of the FAIR review first before plunging into the Singapore."

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