Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Supply @ME (LON: SYME) shares are climbing after the company announced it has completed the acquisition of TradeFlow Capital Management, a Singapore-based FinTech-powered commodities trade enabler.
SYME purchased the company for £4 million in cash and 813 million SYME shares.
Additionally, 500 million new shares have been issued to intermediaries and introducers who supported the deal.
Following the acquisition, Supply@ME has restructured its board after stating it is “now entering the next phase of its scalable growth.”
The London-listed company have appointed two new Executive Directors, Tom James and John Collis, who will also continue to lead the TradeFlow business.
Supply@ME's Chief Executive, Alessandro Zamboni, said: “I am very pleased to announce the completion of the acquisition of TradeFlow Capital and the upcoming appointments of Tom and John as Executive Directors of Supply@ME.
“The acquisition will establish Supply@ME as the market leader in inventory monetisation and will generate a number of highly attractive synergy benefits for the company in terms of funding and customer origination. By joining together, we now have an enhanced platform with an offering for the supply chain sector which is unparalleled.
“We are also assembling an exceptionally strong Board with the depth and breadth of experience necessary to maintain our momentum and we will continue to strengthen this team as opportunities present.”
SYME's share price is up 5.71% at 0.40p on Tuesday.
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