As per the annexure enclosed.
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Rose Merc has signed a Collaboration Agreement with Virtual Gain Technologies Private Limited and two individuals (Amitkumar Singh and Niti Trivedi) to develop and operate a fintech business division. As part of this, the company has also signed a Management Agreement with Amitkumar Singh, appointing him as a Director on Rose Merc's board and as COO of the new fintech division. Rose Merc plans to acquire a 30.01% stake in Virtual Gain Technologies, after which the arrangement will become a related party transaction. Approvals from shareholders and regulators are still required before the collaboration moves forward. Currently, no shares are being issued, and there is no conflict of interest disclosed.
This is a strategic move into the fintech space for Rose Merc and could create a new revenue stream, though shareholders should note the planned 30.01% acquisition in Virtual Gain Technologies and the management changes coming on board. The stock may see short-term interest due to the fintech diversification, but execution risk remains as approvals are pending.