ValueMax Group acquires 100% Ban Fook Pawnshop for $1.75m

SINGAPORE: ValueMax Group, the Singapore-listed pawnbroking company, has announced its acquisition of Ban Fook Pawnshop Pte. Ltd in a cash deal valued at S$1.75 million. The transaction involves purchasing all 3,030,000 issued and paid-up shares of Ban Fook.

The deal’s completion hinges on several key conditions. Ban Fook must secure approval from the Registrar of Pawnbrokers to transfer all pledges from its Woodlands Avenue outlet to ValueMax-designated premises. Additionally, Ban Fook is required to end its lease agreement with the Housing & Development Board (HDB), restore the premises to its original condition, and settle any penalties imposed by the housing authority.

Financial records show Ban Fook’s audited net asset value stood at S$1.84 million as of December 31, 2023. The acquisition price represents a slight discount to this book value.

The transaction will be settled entirely in cash upon completion of the acquisition, marking another strategic move in ValueMax’s business expansion.