16th Sep 2019 11:13
(Alliance News) - Special purpose vehicle AIQ Ltd has lined up its first acquisition, it announced on Thursday.
AIQ has signed heads of terms to buy Alchemist Codes Sdn Bhd, a Malaysia-based company which provides IT services to the e-commerce sector. It has two main operations, consultancy, and an e-commerce app called Octaplus.
AIQ would buy Alchemist Codes for GBP2.3 million, to be paid entirely in AIQ shares. The deal is reliant on the completion of due diligence.
Shares in AIQ have now been suspended from trading in London, as the deal is considered a reverse takeover under AIM rules. AIQ listed in London in January 2018, raising GBP3.6 million.
Related Shares:
Aiq Limited