BANGKOK, THAILAND, (The Southern African Times) – iWebb Inc, OTC Markets QB, IWBB, announced it will acquire Tingo Mobile Plc. from Tingo International Holdings, Inc, in a deal valuing the Tingo Mobile Plc at $3.7 Billion USD
Transaction was negotiated for IWEB by their Business Development Partners Global Fintech Trading Limited
Tingo International Holdings, Inc., is the parent company of Tingo Mobile, PLC, a Nigerian limited company. Tingo is a device and a service technology company focused on creating digitally inclusive ecosystems in the AgriTech and FinTech sectors in Africa.
TINGO has posted total revenue figure of $616 million dollars in 2020 and an
EBITDA of $220 million dollars (figures based on NGN/USD exchange rate of 360), IWEB is confident that these figures will be exceeded going forwards with expansion and natural upwards progression of the TINGO business
IWEB have agreed to pay $4.00 per share with an issuance of 928 million new shares valuing TINGO at $3.7 Billion USD
Tingo is Nigeria’s leading technology and Device as a Service platform aimed at accelerating digital commerce, especially in Agri-Tech & Fin-Tech verticals in Nigeria.
Tingo helps farmers acquire mobile phones through a unique mobile phone leasing scheme, connecting them to mobile and data networks through its virtual mobile network and connecting farmers to markets, services, and resources via Nwassa, its digital AgriTech marketplace platform.
Beginning in April 2021, Tingo also launched a beta version of Tingo Pay – a B2C FinTech app aimed at providing financial services including mobile wallets, payment processing and access to specialist lenders and insurers to users inside and outside of the agriculture value chain.
