SEC Form 20-IS - iRemit Global Remittance

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IRCL
On October 1, 2004, the Parent Company’s BOD approved the acquisition of 65.00% of IRCL for
a consideration of P=10.34 million. IRCL was incorporated on July 16, 2001 and is based in
Canada and has the same operations as the Parent Company. On July 26, 2006, the additional
30.00% ownership interest from a noncontrolling stockholder in IRCL was transferred to the
Parent Company at no additional cost.
On June 2, 2007, the Parent Company’s BOD approved the acquisition of 5.00% ownership
interest from a noncontrolling stockholder for a consideration of P=3.10 million thereby taking its
ownership in IRCL to 100.00%. Accordingly on June 29, 2007, the IRCL noncontrolling
stockholder executed a deed of assignment to transfer the ownership interest to the Parent
Company. Under the deed of assignment, the existing advances by the Parent Company to certain
stockholder were applied as payment for the purchase of IRCL.
PSAGL
On November 28, 2008, the Parent Company’s BOD ratified the acquisition of 100.00%
ownership interest in PSAGL for a consideration of P=5.96 million. PSAGL is based in Hong
Kong and was incorporated on April 28, 2008 to engage in foreign currencies trading services.
LSML
LSML was incorporated on March 16, 2001 and is based in Hong Kong and has the same
operations as the Parent Company. On April 2001, the Parent Company’s BOD approved the
acquisition of 51.00% ownership interest in LSML for a consideration of P=17.85 million. On
June 2, 2007, the Parent Company’s BOD approved the acquisition of the 49.00% ownership
interest in LSML from its noncontrolling stockholder for a consideration of P=24.70 million.
Accordingly on June 29, 2007, the noncontrolling stockholder of LSML (who is also a stockholder
of the Parent Company) executed deed of assignment to transfer its ownership interest to the
Parent Company.
Acquisition of associates
HKHCL
On July 1, 2009, the Parent Company acquired 49.00% ownership interest in HKHCL, for a
consideration of NTD2.45 million (P=3.57 million). HKHCL is a remittance business based in
Taiwan.
ISPL
On June 29, 2007, the Parent Company acquired 49.00% ownership interest in ISPL through the
execution of a deed of assignment by the previous stockholders (who are also stockholders of the
Parent Company) of the entity for a consideration of P=12.60 million. ISPL is a remittance
business based in Singapore.
*SGVMC116501*