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YuuZoo acquires 30% of Infocomm Asia for S$2.4m

SINGAPORE-LISTED YuuZoo Corporation said that it has acquired 30 per cent of Infocomm Asia Holdings Pte Ltd (IAH), a leading distributor of online and box games in South-east Asia, for S$2.39 million.

The payment to IAH shareholders will be done by the issuance of 15 million new YuuZoo shares, representing 2.3 per cent of YuuZoo's issued shares.

Under the now signed agreement, all the game business will be transacted through YuuZoo's e-commerce platform, adding to both YuuZoo's topline and bottomline.

During its eight years of operations, IAH has built a registered user base in South-east Asia of over 37 million users. The company has distributed and/or published leading games such as Fifa OnLine, GuLong OnLine, Grand Theft Auto, Counterstrike OnLine and Granado Espada. In both 2013 and 2014, it had annual revenues of over S$40 million.

IAH's publishing and marketing partners include in Vietnam, the VTC Online, a subsidiary of Vietnam Multimedia Corporation (VTC), with a reach to a large portion of Vietnam's 90 million inhabitants; and in Thailand, with 66 million inhabitants, True Digital, a subsidiary of True Corporation, a communications conglomerate controlling Thailand's largest cable TV provider TrueVisions, Thailand's largest ISP True Internet, and its third largest mobile operator True Move.

YuuZoo chairman Thomas Zilliacus said: "While we initially planned to buy all of IAH, this partial acquisition gives YuuZoo the same benefits as a full acquisition would have done, but at a much lower cost to YuuZoo's shareholders. It also includes the repayment to YuuZoo of the S$6.5 million that IAH had borrowed from us."