MDS to rebrand on Sequoia acquisition
MDS Financial Group has confirmed to the Australian Securities Exchange (ASX) its acquisition of Sequoia Wealth Group and its intention to rebrand as Sequoia.
The company used its ASX announcement to say that it had signed an agreement to acquire 100 per cent of Sequoia in exchange for MDS shares with the terms of the transaction involving a total of 375,000,000 MDS shares issued at a price of $0.002 per share.
The ASX announcement said that the directors of MDS were confident the acquisition would lay the foundations for the company to "capitalise on the booing wealth management sector".
It said the board was also excited by the immediate opportunity to grow adviser numbers in Melbourne, Brisbane and Sydney.
MDS chairman, Michael Carter said the acquisition represented a positive next step in significantly expanding the wealth management division of the company.
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