International Finance

Malaysia’s Fintec drops plan to acquire 75% stake in Zouk Club

Malaysia Fintec Zouk deal called off
Fintec was forced to call off the deal after non-fulfillment of certain pre-agreed conditions

Fintec Global recently announced that they have decided to terminate the sale and purchase agreement to buy Zouk Club in Kuala Lumpur. According to the deal, Fintec was to acquire 750,000 ordinary shares, a 75 percent stake in Zouk Club for RM28.95 million, pursuant to clause 5.5 of the agreement.

Fintec called off the deal due to the non-fulfillment of certain pre-agreed conditions stipulated in the agreement. The company’s statement was released on Bursa Malaysia’s website.

According to clause 5.5 of the agreement, the vendors shall refund in full the deposit in the amount RM3million to the purchaser within seven days from the date of the termination on June 26,  2019.

The report highlights that the termination will not have any material effect on the dividend policy, earnings per share, net assets per share, gearing, share capital and the substantial shareholders’ shareholdings of the group for the financial year ending 31 March 2020.

Earlier in March, it was announced that Fintec Ventures, a fully-owned subsidiary of Fintec Global will purchase 750,000 ordinary shares of Zouk Club KL for approximately RM28.95million with a view to broaden Fintec’s F&B investments and to create a platform to establish commercial deals that may be beneficial to the company’s other investments.

Founded in the year 2007, Fintec Global was earlier known as Asia Bioenergy Technologies. In the year 2017, the company changed its name to Fintec Global.

Fintec Global has investments across six different industries –  Focus Dynamics Group (food and beverage), AT Systemization (precision engineering), NetX Holdings (financial and application technology), Vsolar Group (renewable energy), Asia Bio Petroleum (oil and gas), and Mlabs System (multimedia solutions).

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