Alset Inc. to Divest Hapi Metaverse Stake
The transaction includes a five-year convertible note, highlighting Alset's ongoing intra-group restructuring.
February 09, 2026
Alset Moves to Streamline Holdings with Sale of Hapi Metaverse Stake
Alset Inc. is reorganizing its corporate structure with the sale of its majority stake in Hapi Metaverse Inc. to HWH International Inc., a company it already controls. The deal, signed February 5, 2026, will transfer more than 505 million shares—representing 99.55% of Hapi Metaverse’s equity—to the buyer for $19.91 million.
The payment comes in the form of a convertible promissory note. It carries a 1% simple interest rate and gives Alset the flexibility to convert the note into newly issued shares of HWH International at a price of $1.85 per share. Alset can trigger the conversion any time before the five-year maturity date, with ten days’ advance notice. If the note remains unconverted at maturity, the principal and accrued interest automatically convert at the same rate.
Since HWH International is a majority-owned subsidiary of Alset, the transaction falls under the umbrella of related-party activity. To maintain oversight, Alset’s board and audit committee approved the deal—excluding directors with ties to both companies, who stepped back from the review and vote.
As with most deals of this type, closing depends on a shareholder vote from HWH International. That approval is expected to go through, since Alset and its affiliates already control a majority of the buyer’s shares.
All supporting documents—the term sheet, stock purchase agreement, and convertible note—were filed with the SEC alongside the announcement.
This move gives Alset a pathway to manage the value of its investment in Hapi Metaverse through a security that aligns with its equity position in HWH. It also signals a broader effort to centralize operations and streamline how its business lines are structured across entities.
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