(Alliance News) - AIQ Ltd on Thursday said it has completed the acquisition of Alchemist Codes Sdn Bhd, and has subsequently resumed trading on the main market of the London Stock Exchange.
Alchemist Codes is a Malaysia-based information technology solutions developer that focusses on the e-commerce sector.
AIQ acquired the company for GBP2.3 million, paid entirely in 12.9 million AIQ shares at 17.8 pence each. Chief Executive of Alchemist Codes Charles Yong Kai Yee has been hired as a non-executive director of AIQ.
"Today marks a foundational milestone in AIQ's development. We are now focused on expanding the Alchemist Codes IT consultancy business as well as progressing the rollout of our own AI-based e-commerce solution Octaplus, which we believe will position us for growth both now and in the years ahead," said Chair Graham Duncan.
The stock closed 36% lower at 17.50p each on Thursday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Aiq Limited (AIQ)