SoPa will pursue a spinout and initial public offering on Nasdaq in 2024 for its digital advertising ecosystem.
NEW YORK, October 10, 2023 (ACN Newswire): Society Pass Inc. (Nasdaq: SOPA) (“SoPa” or the “Company”), Southeast Asia’s (“SEA”) next generation, data-driven, loyalty, fintech, and e-commerce ecosystem, announces that its Board of Directors, together with its financial and legal advisors, have evaluated a comprehensive range of strategic restructuring options to unlock shareholder value. As a result of these discussions, SoPa will pursue a spinout and initial public offering on Nasdaq in 2024 for its digital advertising ecosystem, Thoughtful Media Group Inc. (“TMG”), and for its online travel platform, NusaTrip Inc. (“NusaTrip”).
Thailand-based TMG, the premier digital advertising network in SEA, operates in Thailand, Vietnam, Indonesia, and the Philippines and connects advertisers, brands, and merchandisers with over 10,000 influencers to targeted audiences in SEA via its social media-focused advertising ecosystem. TMG delivers significant returns on investment in advertising spend for its clients by more efficiently and effectively generating additional revenues across thousands of creator channels in industries such as fashion and beauty, lifestyle, video games, cooking, automotive, travel, luxury, and sports.
Nusatrip, a leading Indonesia-based online travel agency, offers a comprehensive range of airlines and hotels on its travel platform for corporate and retail customers across Southeast Asia. With its first mover advantage, NusaTrip has onboarded over 1.2 million registered users, over 500 airlines, and over 650,000 hotels around the world, as well as connected with over 80 million unique visitors. Initially only focused on the Indonesian market, NusaTrip has expanded to other SEA countries to become a first-choice travel provider throughout SEA.
SoPa believes that its separately traded TMG and NusaTrip subsidiaries will increase SoPa shareholder value as investors can more clearly evaluate the performance and future potential of these profitable businesses on a standalone basis, while allowing each business to pursue its own distinct strategy and capital allocation policy. Both TMG and NusaTrip are managed by separate executive teams.
“We believe that separating and listing our principal businesses in 2024 will improve our ability to unlock hidden value for all our stakeholders,” says Raynauld Liang, the Chief Executive Officer of SoPa. “Both TMG and NusaTrip are profitable and have large and growing market opportunities. This new proposed group structure will further increase both their operational agility and ability to focus on delivering exceptional solutions to their customers.”
Mr. Liang further notes, “SoPa’s actions follow the leads of both Johnson & Johnson’s (JNJ) and Kellogg’s (K) spinning-out operating subsidiaries, and we plan on having the same success.”
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