Feb 22, 2018 (Reuters) - AFT Corporation Ltd signed binding conditional term sheet with pet care platform innovator PetBacker Pte. Ltd.co to subscribe for 50 percent of capital in PetBacker Pty Ltd for $AUD1.8 million. Co to raise at least $AUD2 million
AFT Corporation has signed a conditional term sheet with pet care platform innovator PetBacker. The Singapore company has agreed to an in-principle 50/50 JV with AFT for the exclusive rights to the Australian and New Zealand Petbacker website portal, app and social media site. The company will raise at least $2m and subscribe for 50% of the capital in Petbacker for $1.8m. Petbacker will spend $1.8m in the Australian and New Zealand markets to provide a dedicated Australian base to grow the user base and Petbacker community.