SINGAPORE – DBS Bank has agreed to sell a 77.8 per cent stake in electronic payment services provider AXS to Tower Capital Asia, a private equity firm based in Singapore.
The bank will retain a minority stake of 9.9 per cent in AXS, it said on Tuesday. It did not disclose the stake’s sale price.
The deal is slated to close by August, and is not expected to have a material impact on DBS’ earnings or net tangible assets for the current financial year ending Dec 31.
Incorporated in 2000, AXS is a payment services solution provider that operates an electronic service delivery network (ESDN). It became a DBS subsidiary in 2006.
More than 660 AXS stations across Singapore provide access to the ESDN platform, with services ranging from payment of bills and fines to accessing government e-services.
DBS said Tower Capital Asia has indicated there are “no immediate plans to implement any material changes” to AXS’ current operations.
DBS shares closed 24 cents, or 0.8 per cent, higher at $30.91 on Monday.
https://www.straitstimes.com/business/dbs-to-sell-majority-stake-in-axs-to-private-equity-firm-tower-capital-asia
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