Totm issues shares to complete $46M International Biometrics acquisition
Totm Technologies has paid $46.1 million to complete the acquisition of the remaining 49 percent stake it did not own in InterBIO, a Singapore holding company that holds 99 percent of International Biometrics.
According to a Tuesday filing, the Singaporean maker of ID management and biometric products satisfied the consideration by issuing 365,365,000 new shares at SG$0.14 apiece to the sellers.
Totm announced the intention to buy the remaining 49 percent of InterBIO in October 2022. At the time, the all-shares deal was valued at S$65.9 million (US$49.46 million).
The company then received the go-ahead to list up to 470,470,000 new shares to compensate parties involved in its buyout of InterBIO last week. The newly issued shares should be listed and quoted in the Singapore Exchange today.
At the time, the company said the move would help it reach the strategic goal of making Totm more diversified and better control costs.
“This move stems from efforts to control cost and restructure the business of the Group away from the provision of telecommunications solutions and services in Singapore and Thailand, which were affected by Covid-19,” reads the filing.
“Since obtaining Shareholders’ approval for the Diversification into the Biometrics Business, the Group took concrete steps to build the architecture for a successful and sustainable Biometrics Business through acquisitions and investments into complementary businesses and technologies.”
Also in Singapore, the Immigration and Checkpoints Authority (ICA) recently deployed iris and face biometrics from Idemia to automated lanes specifically for people in wheelchairs and family groups at Changi Airport.