OSK Ventures International gets moneylending licence

OSK Ventures International gets moneylending licence
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KUALA LUMPUR (Sept 18): OSK Ventures International has been granted a money lending licence by the Ministry of Housing and Local Government.

In a filing with Bursa Malaysia, OSK Ventures said its wholly-owned subsidiary OSK Loan Ventures Sdn Bhd had been granted the money licence today under the Moneylenders Act 1951 and Moneylenders (Control and Licensing) Regulations 2003, to undertake money lending activities and to provide loans.

OSK Ventures and its subsidiaries are involved in venture capital and private equity business. The group provides equity capital to companies ranging from revenue-generating start-ups to late-stage growth companies with operating profit track records seeking expansion capital for restructuring or growth acceleration purposes.

For the full year ended Dec 31, 2018 (FY18), OSK Ventures slipped into the red with a net loss of RM29.67 million versus a net profit of RM31.21 million in FY17 even though its revenue was substantially more at RM178.55 million compared with RM95.36 million in FY17.

It returned to the black in the cumulative six months ended June 30, 2019 (6MFY19) with a net profit of RM1.77 million against a net loss of RM12.11 million in 6MFY18, mainly because of a net fair value gain on financial assets of RM1.65 million compared to a net fair value loss of RM12.23 million in 6MFY18.

However, revenue for 6MFY19 was 44.7% lower at RM41.47 million against RM74.99 million a year ago.

OSK Ventures closed half a sen or 1.19% lower at 41.5 sen, for a market capitalisation of RM81.53 million. Some 79,100 shares changed hands.