Industronics signs MoU to acquire stake in HK's Bluemount

KUALA LUMPUR: Industronics Bhd has signed a memorandum of understanding on the proposed acquisition of a stake in Hong Kong's Bluemount Financial Group Ltd.

It said in a statement that it entered the MoU with Bluemount and Li Hok Yin, a shareholder of the company, to discuss and negotiate the details of the proposed acquisition.

Bluemount was founded in 2016 with a current issued share capital of HK$23mil.

According to the statement, it offers comprehensive financial services with securities brokerage, asset management, credit services, capital financing and commodities.

"We are extremely delighted to have this opportunity to acquire a stake in Bluemount.

"We see it as a very strategic addition to Industronics.

"As a licensed entity, Bluemount has access to the attractive securities, asset management and money lending businesses in Hong Kong," said Industronics general manager Lee Chee Cheng.

Lee said the assimilation of Bluemount's expertise could pivot the group towards the fintech segment.

"We have strong conviction that the future of finance is technology-driven and as such, fintech is the definitely the direction that we are pursuing moving forward and we see ourselves playing a key role in the revolution of financial services industry," he added.

Meanwhile, Bluemount has an e-commerce platform, ECHK Mall, which offers synergies with Industronics' own e-commerce business.

According to Lee, Bluemount could be considering options to go public by listing on a Southeast Asian market in the near-to mid-term.
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