YuuZoo: More troubling issues
Deals that went sour and insufficient information about franchise partners are some concerns for investors.
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IN my commentary, "YuuZoo Corporation - a governance nightmare" (BT, July 5), I focused on some key corporate governance concerns about YuuZoo Corporation since its listing on the SGX Mainboard in September 2014. This article discusses further issues relating to its disclosure and accounting.
INFOCOMM ASIA HOLDINGS (IAH)
YuuZoo's reverse takeover (RTO) circular mentioned the proposed purchase of Infocomm Asia Holdings (IAH), an online game provider, for US$36.6 million. On Feb 16, 2015, it announced a sale and purchase agreement to buy 100 per cent of IAH for 50 million shares at an issue price of S$1 each. The effective consideration was S$18 million at YuuZoo's last traded price of S$0.36.
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