13th Nov 2015 11:21
LONDON (Alliance News) - Kuala Innovations Ltd on Friday said it is confident that its new investing policy will allow it to take advantage of investment opportunities in the technology and life sciences sectors.
"We believe that, through our broad range of contacts and expertise, we can identify various opportunities and determine quickly which opportunities could be viable and progress quickly to formal due diligence. So far, we have acted methodically but speedily to acquire four new investments which we believe have real potential," Stephen Dattels and Jim Mellon, who are co-chairmen of the company, said in a statement.
"We will continue to identify viable opportunities through our comprehensive and thorough review process, and we are optimistic of creating a strong portfolio of investments with significant value," Dattels and Mellon added.
The directors' outlook came as Kuala Innovations said its total loss for the six-month period to September 30 from April 1 was GBP135,000, compared with GBP83,000 in the corresponding half the prior year.
The company bought a 3.64% stake in Factom Inc for USD400,000 in October. Factom's software is designed to allow companies to maintain a permanent, time-stamped record of their data tied to blockchains.
The investment in Factom followed the purchase of a 3.5% interest in cancer immunotherapy company Intensity Therapeutics Inc earlier the same month.
Shares in Kuala Innovations were down 0.8% at 8.68 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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