KUALA LUMPUR (March 8): Captii Ltd, an indirect 58.3%-owned subsidiary of Advance Synergy Bhd which is listed on the Singapore Stock Exchange, has completed the purchase of 50,000 convertible preference shares in OOPA Pte Ltd through Captii's wholly-owned subsidiary Captii Ventures Pte Ltd.

The convertible shares are convertible into ordinary shares of OOPA and represents a 25% stake in the company on fully converted basis. This signifies that OOPA has become an associated company of Captii by virtue of the convertible rights in the preference shares.

OOPA is the 99.5% holding company of OnOnPay Vietnam Mobile Services joint stock company, a company incorporated in Vietnam, which operates a business that allows mobile prepaid subscribers in Vietnam to top up mobile credits and earn loyalty rewards, such as coupons and vouchers.

Based on OOPA's consolidated management accounts as at Dec 31, 2015, OOPA has a negative net asset value of about US$33,547.

The investment is not expected to have any material impact on the net tangible assets or earnings per share of Captii Group for the financial year ending Dec 31, 2016.