KUALA LUMPUR: Sedania Innovator Bhd is venturing into the electronic sports (eSports) business.
The company told Bursa Malaysia it had entered into an agreement with Australian mobile game developer iCandy Interactive Ltd and eSports.com AG former CEO Michael Broda to set up a joint venture, Esports Pte Ltd (ESPL).
The Singapore incorporated company ESPL is a special-purpose vehicle to launch global eSports tournament and media network.
Sedania will own a 42.55% equity interest in ESPL, with iCandy holding an equal amount and Broda the remaining 14.9%.
Sedania and iCandy have agreed to invest S$235,000 each for their portion of the stake and were granted the first right of refusal to invest another S$300,000 each into ESPL for the next three financing rounds. “The agreement is intended to enable the shareholders to combine their skills, expertise, experience and capabilities to collectively build eSports industry in Malaysia and the region, ” Sedania said.