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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.