IT News Online – Industronics Executive Director Datuk Chu Acquires About 10% of Renowned Hong Kong-Based Storage Company
- Datuk Chu acquires an approximate 10% stake in Bluemount on a personal basis
- Investment plan coincides with Industrials’ interest in acquiring a 10% stake in Bluemount announced last year
- Another investment holding company, Tesla Cyberport Technology also acquired a 26.08% interest in Bluemount on the condition that the company submits an application for listing on the main market of the London Stock Exchange in the end of this year.
- Bluemount targets mainland China’s 1.5 billion people and will expand its presence in Europe to tap into the 3.0 billion people
- Datuk Chu will lead Bluemount in the Southeast Asian market to expand its business offerings to include asset management, fund management, IPO and others.
KUALA LUMPUR, MALAYSIA – Media Outreach – October 21, 2022 – Company listed on Bursa Malaysia Main Market Industronics Berhad (“Industronics” or “Group”) Executive Director, Datuk Chu Boon Tiongacquired approximately ten% stake in a renowned brokerage, asset management and credit company based in Hong Kong, Bluemount Financial Group Limited (“Bluemount” or “Company”), as an individual.
The investment coincides with Industrials’ interest to acquire a 10% stake in Bluemount announced last year. The acquisition was delayed due to acquisition rights issues. Shareholders approved the acquisition of up to 10% of Bluemount.
Another investment holding company, Tesla Technology Holdings Limited (“Tesla Technology”), acquired a 26.08% stake in Bluemount. The acquisition is conditional on the company submitting the application for listing on the main market of the London Stock Exchange by the end of this year.
Tesla Technology is registered with Cyberport, an innovative digital community in Hong Kong with over 1,800 start-ups and technology companies. It is established as the digital technology hub, focused on facilitating the growth of major technology trends, including fintech.
Datuk Chu Boon Tiong, Executive Director of Industronics Berhad, said, “It’s a huge opportunity to invest in a lucrative financial services company such as Bluemount. With Cyberpot Tesla, I am excited that the company is moving forward to become a global player in the industry with the funds raised from its potential listing on the main market of the London Stock Exchange by the end of this year. »
Bluemount is eyeing up 1.5 billion population in mainland China and will expand into the European market to exploit the potential of its 3.0 billion population. This is part of Bluemounts initiative to grow into a global company as it exploits opportunities outside of Asia.
Apart from this, there will also be structural changes within Bluemount’s management as Datuk Chu will join the board to lead the company’s expansion into Southeast Asia (“SEA”). The expansion in the SEA region will focus on offering services such as asset management, fund management, initial public offering (“IPO”) and others.
“Expansion in Europe provides Bluemount with the opportunity to tap into developed markets and provide cross-border opportunities for its clients globally. The submission of listing to the main market of the London Stock Exchange by the end this year will give Bluemount the opportunity to invest in its growth strategies,” said Datuk Chu.
Bluemount is a renowned brokerage, asset management and credit company based in Hong Kong, valued at 250 million HKD. It is well funded with abundant capital, familiar with the workings of the markets and has strong internal control systems, which led to a profit of HKD 10 million and HKD 20 million in 2020 and 2021, respectively, despite the disruption. of the COVID-19 pandemic.
Bluemount’s wholly owned securities brokerage arm, Bluemount Securities Ltd (“BSL”) is a trading participant of the Stock Exchange of Hong Kong Ltd and is authorized by the Hong Kong Securities and Futures Commission (“SFC “) to carry out type 1 (regulated activities of type 4 (securities advice) and type 4 (securities advice).
Meanwhile, Bluemount’s wholly-owned asset management subsidiary, Bluemount Asset Management Ltd (“BAML”) is licensed by SFC to engage in a Type 9 (asset management) regulated activity. BAML provides portfolio management and investment services to professional investors.
About Industrials Berhad
Industronics Berhad is an established electronics company well known in Malaysia and internationally and the group is engaged in the design, manufacture and installation of electronic and microprocessor controlled products, telecommunication systems, audio video systems multimedia, intelligent transport systems and systems related to information and communication technologies. .
Industronics has three subsidiaries and associated companies which are Industronics AV/ITS/Communications Division, which specializes in the supply and system integration of various systems, including audio visual systems, intelligent transport systems (ITS), conference equipment, projectors and other multimedia products, the division also supplies and installs various digital communication equipment;
Industronics Manufacturing Sdn Bhd, which provides comprehensive Electronic Manufacturing Services (EMS) facilities and manpower covering design services, sub-assembly services, final assembly services, testing services and packaging and delivery services;
and Ademco (M) Sdn Bhd, which provides products and system solutions for professionally designed security alarm and fire protection systems for industrial, commercial, government and residential complexes.