SINGAPORE (Dec 21): Karin Technology Holdings has entered into an agreement with Hong Kong-listed Masterson Technology, to incorporate a new private company in Hong Kong called MasterKloud Technology.

Karin Technology will subscribe to a 20% stake in MasterKloud at HK$100,000 ($17,189) while Masterson will subscribe to the remaining 80% stake at HK$400,000.

The principal activity of MasterKloud is the provision in Cloud-related technology services and the hosting of cloud solutions for corporations and enterprise customers.

Karin Technology says the transaction is not expected to have any material impact on the group’s earnings per share and net tangible assets per share for the financial year ending June 10, 2018.

None of the directors or substantial shareholders of the company have any interest, directly or indirectly, in the said transaction.

Karin Technology will provide updates as and when there are material developments with regard to the acquisition.

Shares in Karin Technology last traded at 32 cents.