LONDON (Alliance News) - AIM-listed investment company Alpha Returns Group PLC Tuesday said it will make its first investment, buying a 37.5% stake in unlisted Singapore IT services company Telistar Solutions Pte. Ltd. for about GBP511,500, payable over the next two years.
"We believe our investment in Telistar to be an exciting first step for Alpha Returns with significant upside potential and a strong long-term sales pipeline into 2014 and beyond and we look forward to announce further investments within the Asia-Pacific area," Alpha Returns Executive Director Christopher Neo said in a statement.
Telistar has expanded its product offering over the last three years, taking it from being a pure IT hardware distributor to encompass higher margin IT services and software, Alpha said. It made a pretax profit of SGD128,000 on revenues of just over SGD3 million in 2012, and had net assets of SGD379,000 at the end of that year.
Alpha Returns shares were up by a third at 2.5 pence Tuesday morning, one of the biggest rises on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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