Industronics’ Executive Director Datuk Chu acquires around 10% of HK-based renowned stocking firm
- Written by: Daily Bulletin
- Published in News from Asia
- Datuk Chu acquires around 10% stake in Bluemount in his personal capacity
- The investment plan coincides with Industronics' interest in acquiring 10% stake in Bluemount, which was announced last year
- Another investment holding company, Cyberport Tesla Technology has also acquired a 26.08% interest in Bluemount with the condition that the company must submit an application for listing on the London Stock Exchange's Main Market by the end of this year.
- Bluemount is targeting the 1.5 billion population in Mainland China and will expand its presence into Europe to tap into the 3.0 billion population
- Datuk Chu will lead Bluemount in the Southeast Asia market to expand its business offerings to include asset management, fund management, IPO and others.
KUALA LUMPUR, MALAYSIA - Media OutReach - 21 October 2022 - Bursa Malaysia Main Market listed company Industronics Berhad ("Industronics" or "Group")'s Executive Director, Datuk Chu Boon Tiong, has acquired around 10% stake in Hong Kong-based renowned stockbroking, asset management and credit firm, Bluemount Financial Group Limited ("Bluemount" or "company"), in his personal capacity.
The investment coincides with Industronics' interest in acquiring 10% stake in Bluemount, which was announced last year. The acquisition was delayed due to the rights issues for the acquisition. Shareholders have approved the acquisition of up to 10% share in Bluemount.
Another investment holding company, Tesla Technology Holdings Limited ("Tesla Technology"), has acquired a 26.08% stake in Bluemount. The acquisition comes with the condition that the company submit the application for listing on the London Stock Exchange's Main Market by the end of this year.
Tesla Technology is registered at Cyberport, an innovative digital community in Hong Kong with over 1,800 start-ups and technology companies. It is established as the hub for digital technology, focused on facilitating the growth of major technology trends, including fintech.
Industronics Berhad Executive Director Datuk Chu Boon Tiong, said, "This is an enormous opportunity to invest in a lucrative financial services company such as Bluemount. Together with Cyberpot Tesla, I am excited that the company will push forward to be a global player in the industry with the funds raised from its potential listing on the London Stock Exchange's Main Market by the end of this year."
Bluemount is eyeing the 1.5 billion population in Mainland China and will expand into the Europe market to tap into the potential of its 3.0 billion population. This is part of Bluemounts' initiative to expand to become a global company as it taps into the opportunity outside of Asia.
Aside from that, there will also be some structural changes within the management of Bluemount as Datuk Chu will join as one of the Board of Directors to spearhead the company's expansion in Southeast Asia ("SEA"). Expansion in the SEA region will focus on offering services such as asset management, fund management, initial public listing ("IPO") and others.
"Expansion into Europe provides an opportunity for Bluemount to tap into the developed markets and offer cross-border opportunities for its clients globally. The listing submission to the London Stock Exchange's Main Market by the end of this year will provide Bluemount with the opportunity to invest in its growth strategies," Datuk Chu said.
Bluemount is a renowned stockbroking, asset management and credit firm based in Hong Kong that is valued at HKD250 million. It is well funded with abundant capital, familiar with the operation of markets and has rigorous internal control systems, which have led to a profit of HKD10 million and HKD20 million in 2020 and 2021, respectively, despite the COVID-19 pandemic disruption.
Bluemount's wholly-owned securities brokerage arm, Bluemount Securities Ltd ("BSL") is an exchange participant of the Stock Exchange of Hong Kong Ltd and licensed by the Securities and Futures Commission of Hong Kong ("SFC") to carry out Type 1 (Dealing in Securities) and Type 4 (Advising on Securities) regulated activities.
Meanwhile, Bluemount's wholly-owned asset management subsidiary, Bluemount Asset Management Ltd ("BAML") is licensed by SFC to carry out Type 9 (Asset Management) regulated activity. BAML provides portfolio and investment management services to professional investors.
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About Industronics Berhad
Industronics Berhad is an established electronics company well known in Malaysia and internationally and the Group is engaged in the design, manufacturing and installation of electronics and microprocessor-controlled products, telecommunication system, audio video multimedia systems, intelligent transportation systems and information communication technology related system.
Industronics has three subsidiaries and associated companies which are Industronics AV/ITS/Communications Division, which specialises in the provision and system intergration of various systems including Audio Visual Systems, Intelligent Transport Systems (ITS), Conferencing Systems, Projectors and other Multimedia products, the Division also supplies and installs various digital communication equipment;
Industronics Manufacturing Sdn Bhd, which provides full facilities and manpower to Electronic Manufacturing Services (EMS) 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.
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