LMG Corp sold to Maxwealth Infinity for P402-M
LMG Corp [LMG 3.35 suspended] [link] shocked the market with news that it signed a share purchase agreement with Maxwealth Infinity Holdings (MIH) that will see MIH take a 67% stake in LMG for P402 million (P3.10/share).
MIH is a holding company owned and chaired by Alfonso Huang (company website), who is also the President of e-pon, an e-money app.
MIH was founded in 2021, MIH has investments in “various financial and information technology companies”, but its website reveals an additional interest in real estate development and entertainment.
The disclosure said that MIH made the LMG purchase with the intent to “invest in the hospitality industry and the construction industry”, and that it will “expand the portfolio of [LMG] to include the operating subsidiaries of [MIH].” The disclosure said that LMG and MIH intend to complete the tender offer and close the transaction within 60 days.
MB BOTTOM-LINE
This one was truly surprising to me, both because LMG is a sleepy stock and because I have no idea who Maxwealth Infinity is.
The name sounds like any of the thousands of Facebook groups that ply scam financial advice, so I’m glad that the disclosure specifically said that Maxwealth “does not solicit, accept, or take investments/placements from the public”.
My quick due diligence on the company didn’t turn up much of substance either. Their website reads like a try-hard resume cover letter, filled with bland fluffer words like “impact”, “contribute”, “strategic”, “enriching”, and “potential”.
A media scan turns up a paid promo piece about Mr. Huang, and a story about MIH donating sacks of rice to typhoon victims.
The MIH career page shows that they’re hiring eight positions for their Taguig office, all posted three days ago.
It’s not really clear what MIH is, what it’s done, or what it plans to do.
I can’t help but feel SquidPay vibes, but I hope that it’s more tangible and substantive than that.
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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