DeClout said on Monday that it would sell its wholly owned subsidiary Corous360 to Choo See Wee for S$21.90 million, which will be settled as a 12.5 percent stake in Grand Centrex Ltd., or GCL.
The deal consideration will be paid as the transfer of 625 new ordinary shares of GCL at a price of S$35,045 a share, it said in a filing to SGX after the market close on Monday.
DeClout said the deal was part of its strategy to focus on the IT infrastructure and vertical domain clouds (VDC) segments currently operated by its subsidiaries, Beaqon and vCargo Cloud, respectively.
Corous360 is part of DeClout’s VDC business and is an e-commerce platform services provider, it said.
Corous360 operates an online-mobile-offline platform aimed at premium customers buying games and collectibles and ZiPay, an e-money platform aimed at unbanked mass-market users, it said.
GCL, which is based in the British Virgin Islands, is owned by Choo, who is also a director of Play-E Corp., an associated company of Corous360, it said.
Under the deal, GCL will acquire Titan Digital Meida and Qisahn as well as Epicsoft Asia, or EPA, which is an associated company of Corous360 and is a wholly owned subsidiary or Play-E Corp., it said.
GCL’s intended businesses will then mainly include the distribution of gaming products and peripherals under EPA, retail stores for toys, games and hobbies under Qisahn and social media digital marketing and content creation under Titan, it said.
After the deal’s completion, Corous360 will no longer be a wholly owned subsidiary of DeClout, it said.