12th Dec 2019 16:23
(Alliance News) - Blancco Technology Group PLC on Thursday said it has raised its stake in two overseas joint venture companies, as part of a plan to take full control of its global businesses.
The data security company has acquired 29% in Blancco Japan Inc from its partner, Aucnet, taking Blancco's shareholding to 80% from 51%. The consideration payable to Aucnet is GBP1.1 million to be settled through the issue of 813,253 Blancco shares at 132.8p per share.
For the year ended June 30, Blancco Japan recorded net profit of JPY160.5 million, around GBP1.2 million. The net assets attributable to Blancco Japan as at June 30 were JPY412.6 million.
Blancco separately has taken full ownership of Blancco APAC Pte Ltd from 70%. The company has bought a 15% stake each from minority shareholders, Aucnet and Alan Puah.
The consideration payable to Aucnet is a nominal USD1, and the consideration payable to Alan Puah is USD83,583 to be settled by the issue of 41,686 shares at 155.0p per share
For the year ended June 30, Blancco APAC recorded a net loss of SGD900,000. Net liabilities attributable to Blancco APAC as at June 30 were SGD1.0 million.
Blancco Technology shares were down 1.6% at 158.00 pence each in London late on Thursday afternoon.
By Tapan Panchal; [email protected]
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