Fintec Global buys Zouk Club KL

KUALA LUMPUR: Fintec Global Bhd has agreed to acquire a 75% equity interest in Zouk Club (KL) Sdn Bhd for RM28.95mil.

"The proposed acquisition will result in Fintec acquiring a well-established, profitable, self-sustaining entity that is ranked No.1 club in Malaysia and top 3 in Asia according to the magazine, DJ Mag," it said in a filing with Bursa Malaysia today.

The acquisition will also broaden up the group's F&B investments, as well as to provide avenues for the group to establish commercial deals that may be beneficial to its other investments.

The company said the purchase price was arrived at on willing-buyer willing-seller basis, after taking into account the goodwill value attached to the Zouk brand, its uninterrupted profit track record and the audited net assets of RM25.6mil as at Dec 31, 2017.