Bowen Fintech PLC announced on Friday that its reverse takeover bid of Minnadeooyasan-Hanbai Co Ltd has been approved by shareholders at its annual general meeting.

Minnadeooyasan-Hanbai, known as MOH, is a Japanese crowdfunding services platform majority owned by Kyosei Bank Co Ltd.

The acquisition vehicle Bowen had announced an agreement in December under which Bowen would buy 93.5% of MOH shares for £34.5 million, all in new Bowen shares issued at 15 pence each.

Bowen’s shares were last quoted at 12.85 pence, having been suspended from trade since the December announcement.

Beginning August 19, Bowen will change its name to MOH Nippon PLC and trade under the ticker MOH. Upon admission, Hoken Yanase will take over as Chief Executive Officer.

Yanase commented: ‘This milestone marks a significant strategic achievement for MOH. Leveraging this listing, we are poised to drive our growth, both in Japan and internationally, by expanding our real estate portfolio and attracting new investors. Our London listing underscores our dedication to transparency and best practice, setting us apart from our competitors. With a focus on sustained growth, we look forward to continuing our successful trajectory and delivering shareholder value.’

Bowen said it expects to have a market capitalisation of £42.7 million upon readmission, with Kyosei Bank Co Ltd holding 80.7% of the shares and existing Bowen shareholders retaining the remaining 19.3%.

Following the takeover, MOH intends to increase its clients base and develop its cold-chain logistics business internationally.

It says the strategy may include additional acquisitions.

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