On June 3rd, OSL Group (00863) announced a strategic acquisition aimed at expanding its footprint in the digital asset market. Their subsidiary, OSL Midaspay Limited, entered into a share purchase agreement with Lau Shu Ming on May 30th to acquire 90% of Evergreen Crest Holdings Ltd for a total of $15 million (around HK$117 million). This acquisition will be settled through the issuance of consideration shares, elevating Evergreen Crest Holdings to an indirect subsidiary of OSL Group.
Evergreen Crest currently operates a robust digital asset exchange and holds essential licenses as both a futures brokerage and cryptocurrency exchange in Indonesia. This strategic move not only enhances OSL Group’s operational capabilities but also provides a pivotal entry point into the burgeoning Indonesian digital asset marketplace, which is experiencing significant growth. As regulatory frameworks evolve, OSL Group is well-positioned to leverage this acquisition to offer comprehensive services in a rapidly changing financial landscape.