S'pore-based Syfe gets nod to buy Selfwealth for over $54m

After six gruelling months of preparation, Singapore-based investment platform Syfe has emerged the winner in a three-cornered fight to buy Selfwealth, one of Australia's largest digital investing platforms.

- Angela Tan

On April 22, Selfwealth shareholders overwhelmingly voted in favour of Syfe's all-cash A$65 million (S$54.5 million) offer. This translates to 28 Australian cents cash a share.

The resolution was approved with 88.46 per cent of shareholders present and 99.7 per cent of votes cast in favour.

The acquisition will make Syfe one of the largest digital wealth platforms in the Asia-Pacific, said founder and chief executive Dhruv Arora.

The transaction is expected to be completed on May 7.

Selfwealth will then be delisted from the Australian Securities Exchange, and operate as Selfwealth by Syfe.

Mr Arora believes that now is the time to strengthen Syfe's presence in Australia.

"Despite the largest intergenerational wealth transfer in history presently under way, a large proportion of Australians are still keeping their wealth in savings accounts, forgoing significant market returns," he said.