12th Jun 2018 11:23
LONDON (Alliance News) - The IT-focused investment firm Sealand Capital PLC said Tuesday its expected completion of its disposal of SecureCom Media Holdings Ltd to Creative Alpha Ltd was due to complete before the end of June.
In April, Sealand agreed to sell security system installer SecureCom for GBP10,000.
This followed Sealand agreeing to acquire SecureCom for GBP3.0 million in a cash and shares deal in March 2016, which eventually completed in February 2017.
"Following an extensive review," Sealand said in a statement, "the company's directors came to the conclusion that a disposal of SecureCom was in the best interests of shareholders, given of the competitive environment in which SecureCom operates, the business would require substantial additional capital in order to remain competitive, whilst the group's focus is on the development of its WeChat Pay business."
Shares in Sealand were suspended on Tuesday, last traded at 4.50 pence in late April.
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