Zico sells 80% stake in online SME platform to independent director for RM80
ZICO Holdings has sold an 80 per cent stake in its online small-and-medium enterprises platform to independent director Chew Liong Kim for RM80 (S$26).
The disposal of the stake in ShakeUp Online Sdn Bhd was made to strengthen the company's balance sheet by reducing exposure to the loss-making business, said Zico, a provider of professional services for businesses in South-east Asia.
The consideration of the transfer was satisfied in cash.
Mr Chew has also been appointed as a director of ShakeUp.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Danone beats Q1 sales forecasts, keeps 2024 goals
Concord to buy Hipgnosis in US$1.4 billion deal
Nokia sees stronger H2 after Q1 comparable profit grows less than expected
TSMC posts first profit growth in a year after global AI boom
Latest Singapore one-year T-bill offers cut-off yield of 3.58%