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- eCargo (ECG) divests its digital commerce consultancy, Amblique in a management buyout for US$5 million (A$7.03 million)
- The company plans to reinvest the proceeds into growing overseas brands in the Asian market
- This includes acquiring Australian brands with the potential to scale in Asia, enhancing its JuJiaXuan and PinJiuFang platforms, and expanding its Australian team
- Amblique contributed to 44 per cent of the groups revenue in FY21, with the sale valuing the business at six times its FY21 profit
- Shares are trading 13.3 per cent higher today at 1.7 cents each on market close
E-commerce enabler, eCargo (ECG) has divested its digital commerce consultancy, Amblique in a management buyout for US$5 million (A$7.03 million).
The company planned to reinvest the proceeds into growing overseas brands in the Asian market.
This includes acquiring Australian brands with the potential to scale in Asia, enhancing its JuJiaXuan and PinJiuFang platforms, and expanding its Australian team.
CEO Lawrence Lun said he was excited to grow opportunities with high-value brands.
“Having a distribution network of over 4000 points of sale in China, we’re confident about the prospects to grow brands from these categories and benefit from the upside that equity ownership provides,” he said.
Amblique contributed to 44 per cent of the groups revenue in FY21, with the sale valuing the business at six times its FY21 profit.
Shares were trading 13.3 per cent higher today at 1.7 cents each on market close.
