Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 9): Malaysian-run e-commerce special purpose acquisition company AIQ Ltd raised 4 million pounds (RM21.68 million) via its listing on the main market of the London Stock Exchange.

In a statement today, AIQ said it is aiming to acquire one or more target companies in the e-commerce sector, focusing on opportunities in data mining, artificial intelligence technologies and social and online media such as instant messaging platforms.

The company will initially focus on Europe, the US and Asia, eyeing companies that are run by a management team with a strong track record for growth with attractive commercial prospects within the e-commerce or social marketing sectors.

AIQ is also considering targets within lower risk jurisdictions within countries with a strong focus on protecting investors' interests, and companies that have revenues offering potential for near-term positive cash flows, can be funded adequately and offer significant growth opportunities for shareholders.

"Following any acquisition the company will implement an operating strategy to generate value for its shareholders through operational improvements, potential complementary acquisitions and re-admission of the enlarged group to listing on the official list and to trading on the London Stock Exchange, or to another exchange," it said.

Its board comprises executive directors Nicholas Soon Beng Gee and Marcus Lee Chong Liang who reside in Malaysia. Soon is a director and shareholder of information technology and e-commerce company Plymouth Infotech Ltd and specialises in retail automation strategy.

Lee works closely with Soon in Plymouth Infotech, with a focus on business training and marketing.

Meanwhile, Graham Duncan — the chief financial officer of fintech company Code Investing Ltd — heads the board as independent non-executive chairman, while Harry Chathli is independent non-executive director.

 

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