Cloudaron plans RM38mil sale of subsidiaries to Sweden's Abelco
CPL is primarily involved in software development for interactive digital media and investment holding, while DACS is engaged in telecommunications equipment trading and IT hardware distribution.
In a filing with Bursa Malaysia, Cloudaron said both parties have agreed to a valuation of 7.8mil euros or RM38.39mil for 100% of the issued and paid-up capital in the two subsidiaries.
The disposal will be undertaken through the issuance of 17.94 billion new ordinary shares in Abelco at an issue price of 5 Swedish ore or about 22 sen per consideration share.
Cloudaron said the proposed disposal is expected to enhance its ability to raise new capital in the European market to fund future growth.
It also plans to leverage Abelco's existing technology network in Europe to expand its reach to global customers.
The group noted the term sheet is non-binding and is not expected to have any material impact on its earnings at this stage.
Abelco is a Swedish public-listed investment firm and venture builder with exposure in digital sectors such as gaming, e-sports, e-commerce and fintech.
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