Macromac PLC Investment by MVL in Skyztree Sdn Bhd (4655N)
May 18 2015 - 3:30AM
UK Regulatory
TIDMMACC
RNS Number : 4655N
Macromac PLC
18 May 2015
18 May 2015
Macromac plc
("Macromac", "the Company" or "the Group")
Investment in Skyztree Sdn Bhd
The Board of Macromac (AIM: MACC) is pleased to announce that
Macromac Venture Ltd ("MVL") has entered into a binding share
subscription agreement with Skyztree Sdn Bhd ("Skyztree"), a mobile
applications development business based in Malaysia, pursuant to
which MVL has committed to invest a total of RM675,000 (equivalent
to approximately GBP120,459*) in cash in Skyztree. This investment
will give MVL a 25% stake in Skyztree. All conditions precedent in
the subscription agreement have been met and the board of Macromac
expect to complete the investment in Skyztree shortly.
MVL is a wholly owned subsidiary of the Group recently
established to make strategic investments in early stage businesses
in areas complementary to Macromac's existing business
operations.
Skyztree, based in Kuala Lumpur, Malaysia, is a recently formed
private limited company with its main business being the
development of mobile applications. Skyztree is currently
pre-revenue and for the period from incorporation on 17 December
2014 to 30 April 2015, incurred a net loss of RM251,041 (equivalent
to GBP44,800*).
Skyztree recently launched its first mobile application, First
Smile, a parental application, in beta version for Android phones.
First Smile is a mobile application designed for parents to
capture, organise and share precious memories of their babies.
First Smile simplifies saving memories of their babies and turns
them into digital memories, while making it easier for them to be
shared with family and friends. Photos within First Smile are
organised in a chronological order, allowing parents to revisit
baby and toddlers memories again in the future.
The board of Macromac understand that Skyztree intends to launch
this mobile app across a number of countries, with Skyztree
initially focusing its marketing efforts in the United States,
Canada and the United Kingdom. Macromac intend to also be
indirectly involved in the advertising and promotion of this mobile
application through their existing mobile messaging solutions.
The investment in Skyztree will benefit MVL, and ultimately
Macromac, from the growth of Skyztree as it achieves its goal of
developing mobile applications which are accepted, popular and
highly used by end users. The investment will also enable Macromac
to potentially have access to a team of skilled and capable
programmers and designers at Skyztree.
The board of directors of Skyztree consists of Chua Soon Kee and
Lew Wai Ching (sister of Michael Lew, Chief Executive Officer
("CEO") of Macromac). Lew Wai Ching currently owns 2.6% of the
current issued share capital of Skyztree.
Following the completion of the investment, Michael Lew, CEO of
Macromac, will be appointed as a representative to the board of
directors of Skyztree.
Further announcements will be made as appropriate.
Michael Lew, Chief Executive Officer of Macromac, commented:
"Macromac is pleased to be involved in a mobile applications
development company like Skyztree, where it is believed that the
market for mobile applications will continue to grow. The global
mobile applications industry is rapidly growing and according to
eMarketer (2014), it is expected that 2.04 billion people will own
and use smartphones monthly by the end of 2015, and this number
will reach 2.73 billion smartphone users by the end of 2018.
In addition, this investment allows us to gain access to a new
team, thus enlarging our access to different technical skills and
capabilities as well as new ideas. Macromac will also take this
opportunity to provide guidance and assistance to enable Skyztree
to fulfil its potential."
For further information please visit www.macromacgroup.com or
contact:
Macromac PLC +603 7784 9488
Michael Lew, Chief Executive Officer
Andrew Khoo, Chief Operating Officer
Allenby Capital Limited (Nominated Adviser and Broker) +44 (0)20
3328 5656
Nick Athanas
James Reeve
Leander (Financial PR) +44 (0)7795 168 157
Christian Taylor-Wilkinson
* all GBP equivalent calculations are based on an illustrative
Ringgit/GBP exchange rate of 0.178144 as at 15 May 2015
About Macromac
Macromac is a group of companies headquartered in Malaysia
comprising two divisions. The Company aims to deliver mobile
content and web-based marketing solutions to its customers across
South East Asia. Through its proprietary MMP, the Company provides
Premium and Bulk Mobile Messaging solutions for corporate and
advertising campaigns, allowing its clients to better reach their
customers by delivering targeted mobile messaging. The Company also
develops project-based customised software solutions for its SME
clients.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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