OneApex has acquired 51% of shares in Singaporean fund manager OneWealth Development from Chiu Joon Sun.

Sun has the sole ownership of OneWealth.

The transaction involved the acquisition of 255,000 ordinary shares.

The deal is OneApex’s plan to expand into the financial investment services space.

The financial investment business will focus on fund management, wealth management as well as family office advisory services.

OneApex will pay a total of S$338,000 ($2,49,335.84) in cash for the latest deal, including an initial payment of S$170,000.

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The remainder will be paid on the fulfillment of certain target.

The deal consideration will be funded using internal resources.

OneApex said: “The Proposed Acquisition is expected to expedite the business development of the Group’s Financial Investment Services Business.

“The Financial Investment Services Business will be operated through the Target for the purpose of risk management, and is intended to support the Group’s businesses as disclosed in the Company’s circular to shareholders dated on 9 January 2019.

“The Proposed Acquisition represents an opportunity for additional stream of revenues which will enhance shareholders’ value in the long term.”

OneWealth, now a subsidiary of OneApex, will operate under the name OneApex Capital.

OneApex believes that the deal will not have material impact on its earnings per share or net tangible assets per share for the year ending 30 September 2019.