UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of October 2023
Commission
File Number: 001-41647
OHMYHOME
LIMITED
(Translation
of registrant’s name into English)
11
Lorong 3 Toa Payoh
Block
B, #04-16/21, Jackson Square
Singapore
319579
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
On
October 6, 2023, Ohmyhome (BVI), a wholly owned subsidiary of Ohmyhome Limited (the “Company”), and (i) Simply Real
Estate Partners Pte. Ltd., (ii) Narendra Patel and (iii) Chong Jia Gen, Kenneth (the “Sellers”) entered into a Share
Purchase Agreement (“SPA”) pursuant to which Ohmyhome (BVI) will be acquiring 350,140 issued and fully paid ordinary
shares in the capital of Simply Sakal Pte. Ltd. (“Simply”) from the Sellers, representing 100% of the equity interest in
Simply. Simply is a leading tech-enabled property management company in Singapore. The SPA was negotiated at arm’s length
between Ohmyhome (BVI) and the Sellers, and has been approved by the Board of Directors of the Company.
In
accordance with the terms of the SPA, the Sellers have committed to sell, convey, assign, transfer and deliver to Ohmyhome (BVI) 100%
of the equity interest in Simply for a total purchase price of S$4.7 million (equivalent to approximately US$3.5 million). The purchase
price is structured as S$1.71 million (approximately US$1.25 million) in cash (the “Purchase Cash”), and S$3 million (approximately
US$2.19 million) in the form of newly issued shares of the Company. The issuance of the Company’s shares will occur in four tranches,
(i) the completion tranche on the completion date of the SPA, (ii) the first tranche on the first anniversary of the completion date
of the SPA, (iii) the second tranche on the second anniversary of the completion date of the SPA and (iv) the third tranche on the third
anniversary of the completion date of the SPA. The closing of the transaction is conditioned upon completion of due diligence reviews
of Simply and any required regulatory approvals. The SPA is governed by Singapore law.
On
October 6, 2023, the Company paid the Purchase Price and issued the completion tranche of Company’s shares to the Seller’s
and the transaction was completed.
On
October 11, 2023, the Company published a press release titled “Ohmyhome Ltd. Announces Acquisition of Simply Sakal, a Leading
Singapore Tech-Enabled Property Management Company, Creating Property “Super App”, attached as Exhibit 99.1.
Exhibit
Index
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| Date:
October 11, 2023 |
Ohmyhome Limited |
| |
|
|
| |
By: |
/s/ Rhonda
Wong |
| |
Name: |
Rhonda Wong |
| |
Title: |
Director and Chief Executive Officer |
Exhibit
99.1
Ohmyhome
Ltd. Announces Acquisition of Simply Sakal, a Leading Singapore Tech-Enabled Property Management Company, Creating Property “Super
App”
| ● |
Strategic
transaction creates an industry leading one-stop-shop property “Super App” |
| ● |
Enhances
Ohmyhome’s comprehensive technology and service offering to end-customers around buying, selling, renovating, and managing
properties |
| ● |
Transaction
is expected to be accretive to Ohmyhome’s revenue growth and earnings in 2024, the first full year after its close, and lead
to a positive EBITDA in 2025 upon the realization of the synergies |
Singapore,
October 11, 2023 — Ohmyhome Ltd. (NASDAQ: OMH, “Ohmyhome”, “the Company”),
a one-stop-shop property technology platform providing end-to-end property solutions and services to buy, sell, rent, and renovate homes,
announces the acquisition of Simply Sakal Pte. Ltd (“Simply”), a leading tech-enabled property management company in Singapore,
by Ohmyhome (BVI) Limited, a wholly owned subsidiary of Ohmyhome. Ohmyhome acquired a 100% interest in Simply for a consideration of
approximately S$4.7 million (approximately US$ 3.5 million) via a combination of cash and stock.
“This
strategic acquisition creates a premier one-stop-shop property solution for customers in Southeast Asia like none other. It is in line
with Ohmyhome’s growth strategy of expanding service offerings, and it accelerates Ohmyhome’s vision of becoming a Super
App for properties.” Said Rhonda Wong, CEO and Co-Founder of Ohmyhome, “Simply opens doors to a wider user base in
Singapore’s private residential segment starting with 5,800 residential units. Revenue per transaction in the private market is
significantly larger than in the HDB market, and therefore is accretive to revenue and adds to the company’s path to profitability.”
In
Singapore, over 400,000 families reside in condominiums and executive condominiums (ECs), and approximately 40,000 more units are set
to be completed in the coming years. These residents frequently engage with their condominium’s property management company for
various services, such as facility bookings, guest registration, and approvals for moving and renovations. Currently, these processes
rely heavily on paperwork and manual labor, resulting in inefficient communication and service delivery. With the fragmented state of
the property management industry in Singapore and Southeast Asia, there is a need for an elevated experience for both managing agents
and residents living in condominiums. With recurring monthly fees, residents expect a service standard that aligns with their modern
lifestyles, and Ohmyhome aims to address these concerns effectively.
Residents
in around 6,000 units managed by Simply in Singapore will be able to access Ohmyhome’s latest homeowner dashboard, Homer AI, for
quality information and content on their home value and latest property trends, as well as Ohmyhome’s quality services such as
brokerage, renovation, cleaning, and handyman services directly on their fingertips. The expanded service offering and strong vertical
integration will create more value to Simply’s current and future customers and accelerate the expansion of Ohmyhome user base.
The company’s preliminary estimate of potential synergies resulting from the transaction is S$9 million in the first year and positive
EBITDA in the second year, mainly driven by aggressive growth plans and cost optimisation of operational efficiencies.
“We
are very excited to be a part of the Ohmyhome family,” Kenneth Chong, CEO of Simply Sakal continued. “Our companies are aligned
in the vision of providing the best experience to homeowners by ensuring that all services surrounding their homes from the transaction
to the maintenance are all provided at their fingertips, reshaping the way they experience their homes. By combining our strengths, Ohmyhome
and Simply will be able to create a comprehensive offering for homeowners and home seekers and serve them for a lifetime.”
Following
the acquisition, Simply will also be rebranded as Ohmyhome Property Management subject to requisite notice and approvals.
About
Ohmyhome
Ohmyhome
is a one-stop-shop property technology platform in Singapore that provides end-to-end property solutions and services to buy, sell, rent,
and renovate homes. Since its launch in 2016, Ohmyhome has transacted over 14,500 properties. It is also the highest-rated property transaction
platform, with more than 8,000 genuine reviews, and an average rating of 4.9 out of 5 stars.
Today,
Ohmyhome is the first Singaporean company listed in the US in 2023 and the first women-only founded Proptech company listed in the US.
Ohmyhome
is dedicated to bringing speed, ease, and reliability to property-related services and to becoming the most trusted and comprehensive
property solution for everyone.
For
more information, visit: https://ohmyhome.com/en-sg/
About
Simply
Simply
Sakal Pte. Ltd. (“Simply”) is a leading technology managing agent serving Management Corporation Strata Titles (“MCSTs”)
with a platform that focuses on work force productivity as well as capturing data and records for decision making. Since its launch in
2020, Simply has secured over 20 condominium projects and has close to 6,000 units under management.
For
more information, visit: https://simplysakal.asia/.
Safe
Harbor Statement
This
press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking
statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which
we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance,
including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities.
You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such
as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,”
“believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes”
or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including:
our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive
environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.
Forward-looking
statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time
by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties,
and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties
and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our
representatives might not occur.
For
more information
Investor
Contact:
Skyline
Corporate Communications Group, LLC
Scott
Powell, President
One
Rockefeller Plaza, 11th Floor
New
York, NY 10020 USA
Office:
(646) 893-5835 x2
Email:
info@skylineccg.com
Visit
the Investor Relation Website: ir.ohmyhome.com
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