YuuZoo sells 3% of streaming video unit YuuFlix for US$3m

YUUZOO has sold close to 3 per cent of streaming video unit YuuFlix to a "large foreign investor" for US$3 million.

The investment has been fully paid, it said in a Singapore Exchange (SGX) announcement on Wednesday.

The stake corresponds to a valuation of US$100 million, YuuZoo said.

It also said that it lost an investment arising from its acquisition of DVD distributor Cinram France as a result of a share trading suspension on YuuZoo by SGX. YuuZoo's shares have been suspended since March 2018.

In March this year, YuuZoo closed all its Singapore-based subsidiaries and terminated all its Singapore-based employees as a direct consequence of the suspension.

Its auditor at the time, RT LLP, said a disclaimer had been issued to YuuZoo, in response to questions posed by SGX, because the auditor had been "unable to form an opinion due to limitation of scope". The company added that the SGX had also refused to accept its response, and asked the Commercial Affairs Department to investigate the firm.