Artroniq ventures into the money lending business

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KUALA LUMPUR: Artroniq Bhd has proposed to acquire 100% equity interest in Paklin Venture capital Sdn Bhd (PVCSB) for a purchase consideration of RM1.6mil cash.

In a filing with Bursa Malaysia, the information and communications technology (ICT) company said it entered into a share sale agreement (SSA) with Khoo Ai Foong and Khoo Ai Chern, to acquire two million ordinary shares in PVCSB representing 100% equity interest in PVCSB.

Upon completion of the proposed acquisition, PVCSB will be a wholly-owned subsidiary of Artroniq.

PVCSB is principally engaged in the business of providing finance and investment consultation services.

It is a money lender licensed under the Moneylenders Act 1951 and is also governed under the Moneylenders (Control and Licensing) Regulations 2003, and Moneylenders (Compounding of Offences) Regulations 2003.

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

As at June 30, PVCSB has an unaudited net assets of RM1.66mil.

“As part of the ongoing effort to find a new income source for the group, the group has identified the proposed acquisition to venture into the money lending business which is expected to provide the group with a steady and recurring income stream.

“The new business was considered after taking into consideration the growth prospects of the lending market in Malaysia, particularly on the alternative lending market, due to the strict lending requirements imposed by licensed financial institutions,” Artroniq said.

It said the proposed acquisition is not subject to the approval of the shareholders of Atroniq.

Nevertheless, the proposed acquisition is subject to the approval from Ministry of Housing and Local Government.