Summary by Futu AI
WeBuy Global Ltd, a Southeast Asian community-oriented e-commerce retailer, has announced a share swap agreement with New Retail International Pte Ltd. The agreement resulted in WeBuy acquiring 100% of New Retail's issued shares, making New Retail a wholly owned subsidiary. This move is part of WeBuy's reorganization and growth strategy, focusing on grocery and travel sectors. The company also underwent a share forward split, increasing its authorized share capital and changing the par value of its shares. Despite recent growth, WeBuy reported net losses for the years ending December 31, 2023, and 2022, raising concerns about its ability to continue as a going concern. The company's financial statements have been prepared on a going concern basis, assuming future operations and asset realization. WeBuy's operations are primarily in Singapore and Indonesia, with revenues generated from third parties in these regions. The company has not experienced any significant legal proceedings or claims that could impact its business.
