AIFA Files Form 8-K With Additional Details On Planned HyalRoute Acquisition

KUALA LUMPUR, May 28 (Bernama) -- All In FutureTech Alliance Inc (AIFA) announced it has filed a Current Report on Form 8-K with the United States Securities and Exchange Commission providing supplemental information on its previously announced plan to acquire HyalRoute Fiber Optic Group (HyalRoute) at US$10.00 per share. (US$1 = RM3.96)

The company in a statement said the filing includes additional information provided by the seller regarding HyalRoute’s operations, infrastructure assets, strategic positioning, and financial performance.

According to the disclosure, HyalRoute operates approximately 85,000 kilometres of fibre-optic backbone networks across ASEAN markets and holds interests in international submarine cable systems spanning Asia, Africa and Europe.

The company said HyalRoute’s business includes backbone connectivity, cross-border data transmission and related infrastructure services, with operations across countries including the Philippines, Cambodia, Myanmar, Laos and Thailand.

The filing also states that HyalRoute is involved in the development of computing infrastructure initiatives in the region, alongside its existing fibre-optic network operations.

Historical financial information included in the disclosure shows revenue growth prior to the COVID-19 pandemic, followed by a decline during 2020 and 2021, with a subsequent recovery in more recent years.

The filing also referenced historical third-party valuation estimates from investment banks made in connection with a previously proposed listing, which were withdrawn after the onset of the COVID-19 pandemic.

-- BERNAMA