Innovation Forge to buy control of Ritamix in $29M deal
What's the deal? Innovation Forge HoldingsDealroom has a profile for this one. Try Dealroom → has agreed to acquire a controlling stake in Hong Kong-listed Ritamix GlobalDealroom has a profile for this one. Try Dealroom → for about US$27.1M (roughly $29 million). The purchase, made through two entities, covers 363,816,000 shares — about 77% of issued shares and roughly 78% of voting shares — at US$0.07 apiece.
How it works: The two vendors' stakes are inter-conditional, meaning both must complete simultaneously unless otherwise agreed. Completion is subject to specified conditions and a long stop date, per the Sale and Purchase Agreement dated September 25, 2026.
Who's involved: Ritamix is incorporated in the Cayman Islands and trades on the Stock Exchange of Hong Kong, with a market cap of US$49.6M. Innovation Forge, incorporated in the British Virgin Islands, would become the new controlling shareholder.
What changes: The joint announcement flags a possible special dividend and a proposed change in the use of unutilised listing proceeds. It also raises the prospect of an unconditional mandatory general cash offer for the remaining voting shares, which would reshape Ritamix's ownership and capital allocation.
What could go wrong? The deal hinges on conditions being met before the long stop date, and the simultaneous-completion requirement means either vendor could stall the whole transaction. A mandatory general offer, if triggered, would add cost and complexity.
The signal: A change of control at 77% leaves little room for minority holders, and the potential mandatory offer signals a full takeover rather than a passive investment — a clean route for an offshore buyer to seize a Hong Kong listing.
Read more: tipranks.com
Image credit: See-ming Lee (SML)
