Join our daily newsletter At The Bell to receive exclusive market insights
- iCandy Interactive (ICI) has signed a deal to sell its iCandy Digital subsidiary to Stockholm-based investment company RightBridge Ventures
- The company will receive just over $4.8 million for the sale, which RightBridge will satisfy by issuing roughly 17.3 million shares at a price of 28 cents each
- iCandy will seek shareholder approval for the transaction at an Extraordinary General Meeting, the date of which is yet to be set
- iCandy Digital owns 26 mobile game titles and a 23 per cent stake in Esports Players League
- iCandy Interactive is up 4.35 per cent to $0.12 per share
iCandy Interactive (ICI) has signed a deal to sell its iCandy Digital subsidiary to Stockholm-based investment company RightBridge Ventures.
According to the terms of the deal, iCandy will receive just over $4.8 million for the sale, which RightBridge will satisfy by issuing roughly 17.3 million shares at a price of 28 cents each.
Wholly owned by iCandy, iCandy Digital was incorporated in Singapore in 2009 and holds the intellectual property rights to 26 mobile gaming titles developed on the iOS and Android platforms. It also owns a 23 per cent stake in iCandy’s Esports Players League (ESPL), which it co-founded in 2019.
As of December 31, iCandy Digital has paid-up capital of $2.96 million and net assets of around $184,000.
By offloading the business, iCandy said it will be free to focus more on its core business, which includes managing the portfolio of growing new games, such as Masketeers and Claw Stars, as well as the the joint venture studio with Lemon Sky Studios and a strategic partnership with Ohayoo.
“As an esports focused investment company, Rightbridge is better positioned than iCandy to groom ESPL by providing ESPL with more in-depth exposure to a wider portfolio of esports companies via Rightbridge’s Nordic network,” iCandy said in a statement.
Once complete, iCandy will become a strategic major shareholder in RightBridge — a subsidiary of Abelco Investment Group, which is in turn a subsidiary of ASX-listed Fatfish Group — with a 25 per cent interest. RightBridge has plans to list on a Swedish stock exchange this year and is currently in talks with a number of prominent investors.
iCandy now intends to seek shareholder approval for the transaction at an Extraordinary General Meeting, the date of which is yet to be set.
iCandy Interactive is up 4.35 per cent to $0.12 per share at 1:01pm AEDT.
