Ap­pAsia plans Aus­tralian list­ing of sub­sidiaries via ALG

New Straits Times - - Business | News -

KUALA LUMPUR: ACE Mar­ketlisted Ap­pAsia Bhd has pro­posed to list four of its sub­sidiaries un­der Ap­pAsia Ltd Group (ALG), a com­pany set up to un­der­take list­ing on the Aus­tralian Se­cu­ri­ties Ex­change (ASX).

The four sub­sidiaries are Ap­pAsia Stu­dio Sdn Bhd (ASSB), Ap­pAsia Mall Sdn Bhd (AMSB), Ap­pAsia In­ter­na­tional Sdn Bhd (AISB) and Ap­pAsia In­ter­na­tional Pty Ltd (AIPL).

They are pri­mar­ily in­volved in the e-com­merce and mo­bile ap­pli­ca­tions busi­nesses.

The dis­posal of three sub­sidiaries to ALG is ex­e­cuted for an ag­gre­gate sale con­sid­er­a­tion of A$543,615 (RM1.85 mil­lion) while the dis­posal of AIPL — a wholly-owned sub­sidiary of AISB — to ALG for A$115,331 will be sat­is­fied via the is­suance of 9.63 mil­lion ALG shares.

In a fil­ing to Bursa Malaysia, Ap­pAsia said the list­ing ex­er­cise would en­able ALG to gain di­rect ac­cess to the Aus­tralian cap­i­tal mar­ket for cap­i­tal rais­ing and for recog­ni­tion and cor­po­rate stature.

Fur­ther, the ex­er­cise will en­able ALG to ex­pand and strengthen its mar­ket po­si­tion in Asean and Aus­tralia as well as pro­vide an op­por­tu­nity for in­vestors to par­tic­i­pate in the com­pany’s growth by way of eq­uity par­tic­i­pa­tion.

The dis­posal ex­er­cise will al­low Ap­pAsia to consolidate its on­line shop­ping busi­ness un­der ALG by stream­lin­ing and im­prov­ing the op­er­a­tional ef­fi­ciency be­tween the var­i­ous on­line shop­ping plat­forms.

In ad­di­tion, it will trans­form ALG into a re­gional on­line shop­ping plat­form op­er­a­tor by in­te­grat­ing grad­u­ally all other plat­forms owned and op­er­ated by ALG into Ap­pAsia eMar­ket­place, which caters to busi­ness-to-busi­ness (B2B) and busi­ness-to-con­sumer (B2C) trans­ac­tions.

Ap­pAsia eMar­ket­place is owned and op­er­ated by AISB.

Ap­pAsia said ALG in­tended to fo­cus on ex­pand­ing its mar­ket reach in Malaysia through wide adop­tion of its on­line shop­ping plat­forms by the sec­ond quar­ter of this year.

“One of the strate­gies that it will be adopt­ing is at­tract­ing both large and small mer­chants to the Ap­pAsia eMar­ket­place by fa­cil­i­tat­ing both B2B and B2C trans­ac­tions.

“As Malaysia is cur­rently its base mar­ket, ALG will con­tinue to fo­cus on grow­ing its busi­ness in this mar­ket,” added the com­pany.

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