MergerJul 30, 2026, 05:16 PM
Soulpower & SWB Holdings Get BVI Court Approval for Bank of Asia Asset Sale
AI Summary
Soulpower Acquisition Corporation and SWB Holdings announced that the Commercial Division of the High Court of Justice of the Virgin Islands granted permission for the sale of Bank of Asia (BVI) Limited's assets to SWB LLC. This approval fulfills one of the conditions of the Asset Sale Agreement, which is integral to the previously announced proposed business combination among Soulpower, SWB Holdings, and SWB LLC. However, other conditions, including obtaining a banking license and deposit protection approval, as well as Soulpower shareholder approval, remain outstanding.
Key Highlights
- BVI High Court approved the sale of Bank of Asia (BVI) assets to SWB LLC.
- This approval satisfies a condition of the Asset Sale Agreement from November 6, 2025.
- The asset sale is crucial for the proposed business combination with Soulpower.
- Remaining conditions include obtaining a BVI banking license and VIDIC deposit protection.
- SWB has submitted its banking license application to the FSC.
- The business combination also requires Soulpower shareholder approval.
Price Impact
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