Highlights:
-- eCargo has divested its Amblique Pty Ltd digital commerce consultancy in a management buyout for cash consideration of US$5 million
-- The Group intends to reinvest the sale proceeds:
---- Into acquiring or taking equity positions in Australian brands with high potential to scale in Asia
---- To enhance the Group’s proprietary platforms, including JuJiaXuan (JJX) and PinJiuFang (PJF Wines)
---- To expand its team in its Australia office, ensuring it can best capture the opportunities to scale Australian brands in Asia
August 12th, 2022 (SYDNEY): eCargo Holdings Limited (ASX:ECG) (‘eCargo’ or ‘the Group’) announced today it has sold its 100% interest in digital commerce consultancy subsidiary, Amblique Pty Ltd to Commercial Group Limited, in the form of a management buyout led by Amblique Chief Executive Officer, Stephanie Byrne, for a total cash consideration of US$5,000,000 (Transaction).
Amblique offers e-commerce set up and optimisation services to brands primarily in Australia. The sale of Amblique provides additional capital for eCargo to invest in equity in Australian brands that have high potential to grow in China and advance its eCommerce ecosystem through development of its technology platforms.
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