3rd Feb 2020 18:30
(Alliance News) - Blue Star Capital PLC on Monday said its investee Diemens Esports Pty Ltd intends to merge with Critical Hit Entertainment Pty Ltd.
Blue Star acquired an interest of 13% in Diemens in November 2019 and will have an interest of 6.6% of the merged entity immediately following the merger.
The AIM-listed investment company said it has been advised that the merged entity, which will continue to trade under the name Critical Hit, is expected to be an e-sport service infrastructure provider in Australia with combined revenue for 2019 of AUD600,000, about GBP308,723.
Looking ahead, Blue Star said Critical Hit intends to continue to develop its e-sports infrastructure product in Australia and anticipates raising funding to expand into developing countries in Asia.
"This is an exciting development for Diemens and should provide the company with a strong platform to aggressively pursue its Asian expansion plans," said Blue Star Chief Executive Tony Fabrizi.
Blue Star shares closed 7.7% higher in London on Monday at 0.14 pence each.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Blue Star