Dr. Charlie In reports

RAFFLES FINANCIAL TO ACQUIRE ALTO VENCAP

Raffles Financial Group Ltd. has entered into a definitive share purchase agreement on Sept. 15, 2021, to acquire all of the outstanding share capital of Alto Vencap Pte. Ltd. (AV), a Singapore-based company. AV is a business advisory company primarily serving the needs of public listed companies in Singapore and Hong Kong, as well as private companies in China, Cambodia, Indonesia, Malaysia, Philippines, Thailand and Singapore.

Raffles Financial Pte. Ltd., the company's operating subsidiary, shall complete the acquisition of AV within the next week for the purchase price of $2 (Singapore) ($1.88 (Canadian)). Subsequent to the closing of the purchase of AV, the seller shall be entitled to a performance based payment equal to 10 times AV's audited net profit after tax for the financial year ending June 30, 2022, payable in the company's shares valued at $10 per share. There is a 10-million-share payout maximum.

"As the economy of SE Asia is expanding, the demand for business consulting and in particular financial advisory services is growing rapidly. We are confident to serve the companies there with RFG suite of financial solution," exclaims Albert Fan, director of AV.

Raffles Financial Group helps mid-size companies by providing a suite of financial services such as corporate finance advisory in initial public offerings, reverse takeovers, mergers and acquisitions, family office and trust fund management, real estate investment trusts, and digital asset fractionalization and listing.

"With this acquisition, AV can mobilize the RCEP local representatives to deploy RFG financial solutions to address local companies' fundraising and public listing needs," said Dr. Charlie In, Raffles Financial Group chairman.

About Raffles Financial Group Ltd.

Raffles Financial Group is listed on the Canadian Securities Exchange under the stock symbol RICH, the Frankfurt Stock Purchase under the stock symbol 4VO and the OTC Markets under the stock symbol RAFFF.

Raffles Financial Pte. Ltd. is the operating subsidiary of Raffles Financial Group.