8IH acquires 8 MAD Group

Company News

by Jessica Ellerm

 
8I Holdings Limited (ASX:8IH) has announced it will acquire 8 MAD Group, taking a 51 percent equity stake for RM430,000.
 
8 Mad Group operates a marketing and brand agency as well as an educational training business. 
 
A key term of the agreement is for 8 MAD to achieve a minimum Net Profit After Tax of RM250,000 for every subsequent financial year post FY15.
 
8I Executive Chairman Ken Chee has indicated the acquisition will strengthen the eco-system for the groups platform partners in Asia.
 
8I Holdings Limited reported a net profit of $18.2 million at 31 March 2016.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.