Sedania Innovator up 8.33% on venturing into esports business

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KUALA LUMPUR (Oct 4): Sedania Innovator Bhd shares rose 8.33% this morning after the firm said it is venturing into the electronic sports or esports space via a special purpose vehicle that it will take a 42.55% stake in, to launch a global esports tournament and media network.

At 9.35am, Sedania rose 1 sen to 13 sen for a market capitalisation of RM32.29 million.

The technology company, which is presently involved in fintech, greentech, the Internet of Things and big data analytics, has inked a share subscription agreement with iCandy Interactive Ltd and the former chief of AG, Michael Broda, to take part in the venture. iCandy will also have a 42.55% in the SPV — Esports Pte Ltd (ESPL), which was incorporated in Singapore — while Broda will own the remaining 14.9%.