SINGAPORE (Apr 3): Allied Technologies has entered into a sale and purchase agreement with Platform Internet Capital to purchase a 51% stake in Asia Box Office for $30 million.

This followed the January signing of a binding memorandum of understanding (MOU) between Allied Technologies and Platform Internet Capital on the acquisition.

See: Allied Technologies to acquire 51% stake in Asia Box Office

Incorporated in Singapore, Asia Box Office is in the business of operating an e-commerce ticketing solutions platform for venues and event organisers, with focus on sports, entertainment and lifestyle events in Southeast Asia and Greater China.

Asia Box Office recently announced that it is the promoter and ticketing partner ofCirque Du Soleil Inc.’s Big Top touring show “KOOZA” in Hong Kong between the months of April and June, as one of its major projects.

In terms of past events, Asia Box Office has been the e-commerce and events partner to Bryan Adam’s “Get Up Tour”, KBS Music Bank World Tour held in Suntec City Convention Centre and the annual Christmas Wonderland held at Gardens by The Bay.

Based on the unaudited management accounts for the 16 months ended June 30 2017, the unaudited net tangible assets of the target as at June 30 2017 was $265,000 with a net profit of $165,000.

Vendor Platform Internet Capital is an investment holding company incorporated in Singapore which invests in early to mid-stage start-ups in e-commerce and internet related ventures. Its sole shareholder and director is Lam Yee Kee.

Allied Technologies' board believes that the proposed acquisition will provide shareholders of the company with diversified returns, offer new business opportunities and provide the group with additional revenue streams and improve its prospects, so as to enhance shareholders’ value.

Allied Technologies says the proposed acquisition will be funded through the proceeds from the issue and allotment of 675.2 million placement shares on Oct 31 2017.

Shares in Allied Technologies closed 0.2 cent lower at 5.5 cents on Tuesday.