Industronics inks MoU with HK-listed Bluemount, shareholder over stake buy

KUALA LUMPUR: Industronics Bhd yesterday signed a memorandum of understanding (MoU) for stake acquisition with Hong Kong-incorporated Bluemount Financial Group Ltd and its shareholder Li Hok Yin.

The MoU sets the framework for all parties involved to discuss and negotiate on the details as well as terms and conditions with regards to the acquisition, with the intention of entering into a definitive agreement in due course.

Industronics general manager Lee Chee Cheng said the company saw Bluemount as a strategic addition to the group.

“As a licensed entity, Bluemount has access to the attractive securities, asset management and money lending businesses in Hong Kong.

“Since 2017, it has successfully raised some HK$2.3 billion in funding from the capital market for its Hong Kong-listed clients,” he said.

Bluemount, which was founded in 2016, has an issued share capital of HK$23 million. Echo International Holdings Group Ltd holds a 30 per cent stake while the balance is held by four individuals, including Li.

Through its subsidiaries, Bluemount offers comprehensive financial services via five main divisions, namely securities brokerage, asset management, credit services, capital financing and commodities.

“We have a strong conviction that the future of finance is technology-driven and as such, financial technology is the definitely the direction that we are pursuing. We see ourselves playing a key role in the revolution of the financial services industry.”

Lee also noted that Bluemount might list its shares on one of the stock exchanges in Southeast Asia in the future.