Artroniq ventures into the cash lending industry

Artroniq ventures into the cash lending industry

KUALA LUMPUR: Artroniq BhdArtroniq ventures into the cash lending industry has proposed to obtain 100% fairness pastime in Paklin Mission capital Sdn Bhd (PVCSB) for a purchase order attention of RM1.6mil money.

In a submitting with Bursa Malaysia, the tips and communications era (ICT) corporate mentioned it entered right into a proportion sale settlement (SSA) with Khoo Ai Foong and Khoo Ai Chern, to obtain two million bizarre stocks in PVCSB representing 100% fairness pastime in PVCSB.

Upon of entirety of the proposed acquisition, PVCSB can be a wholly-owned subsidiary of Artroniq.

PVCSB is basically engaged within the industry of offering finance and funding session services and products.

This can be a cash lender approved beneath the Moneylenders Act 1951 and could also be ruled beneath the Moneylenders (Keep an eye on and Licensing) Laws 2003, and Moneylenders (Compounding of Offences) Laws 2003.

For the audited monetary yr ended June 30, 2021 (FY21) and the unaudited FY22, PVCSB recorded a benefit after tax of RM100,000 and RM1.3mil respectively.

As at June 30, PVCSB has an unaudited internet belongings of RM1.66mil.

“As a part of the continuing effort to discover a new source of revenue supply for the gang, the gang has recognized the proposed acquisition to challenge into the cash lending industry which is anticipated to give you the team with a gentle and routine source of revenue circulate.

“The brand new industry was once thought to be after bearing in mind the expansion possibilities of the lending marketplace in Malaysia, specifically at the selection lending marketplace, because of the stern lending necessities imposed via approved monetary establishments,” Artroniq mentioned.

It mentioned the proposed acquisition isn’t topic to the approval of the shareholders of Atroniq.

Nonetheless, the proposed acquisition is topic to the approval from Ministry of Housing and Native Executive.

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