Hong Kong-listed OSL Group plans to acquire a 90% stake in EvergreenCrest Holdings Ltd., a British Virgin Islands-incorporated company operating a digital asset exchange business in Indonesia.
The US$15 million deal (approximately HK$117.5 million) will be settled through the issuance of 9.27 million new shares under OSL’s general mandate.
The shares will be issued at HK$12.68 apiece, a 3.6% premium to the stock’s last closing price on the day the agreement was signed.
Upon completion, EvergreenCrest will become an indirect subsidiary, and its financial results will be consolidated into OSL’s accounts.
EvergreenCrest owns two licensed subsidiaries in Indonesia: PT Langit Indonesia Berjangka, which holds a futures brokerage licence, and PT Multikripto Exchange Indonesia, a licensed crypto trader.
Through this acquisition, OSL gains immediate access to spot and derivatives trading licences, allowing it to bypass the often lengthy local approval process.
The company said the move supports its broader international expansion strategy following recent acquisitions in Europe and Japan.
Indonesia was identified as a high-growth market with over 22 million crypto users and US$34 billion in transaction volume between December 2023 and November 2024.
The deal will be funded entirely through share issuance, representing around 1.46% of OSL’s enlarged share capital.
The transaction remains subject to several conditions, including regulatory approvals in Indonesia and satisfactory due diligence. OSL noted that completion is not guaranteed.
OSL also plans to localise its presence through the acquired brand “KoinSayang,” which the company said resonates with the Indonesian market and supports its growth ambitions in Southeast Asia.
