Sealand Capital Galaxy Limited Agreement (7270S)
October 04 2017 - 9:46AM
UK Regulatory
TIDMSCGL
RNS Number : 7270S
Sealand Capital Galaxy Limited
04 October 2017
4 October 2017
SEALAND CAPITAL GALAXY LIMITED (LSE: SCGL)
("Sealand", "SCGL" or "the Company")
Subscription for a 55 % interest in Guangzhou Ruiyou Information
Technologies Co., Ltd ("Rightyoo")
The board of directors of the Company is pleased to announce
that on 4 October 2017, the Company entered into a Subscription
Agreement with Rightyoo and its shareholders, in which the Company
agreed to subscribe for a 55% interest in Rightyoo for the
aggregate sum of RMB1,222,000 (approximately GBP 139,000) (the
"Subscription"). After the completion of the Subscription (which is
expected to occur on or before 9 October 2017, Rightyoo will become
a partially-owned subsidiary of the Company.
Following the Subscription, the Company has the right to appoint
two directors to the board of Rightyoo, resulting in a board of
three directors. Additional appointments to the board are subject
to the Company's approval.
Rightyoo, is a PRC-incorporated mobile games developer and
distributor which has been active since 2015. It primarily develops
apps for the personalisation of user desktop and mobile devices, as
well as being a distributor and publisher of over 20 mobile gaming
apps for third party developers including Huawei Technologies Co.
Ltd ("Huawei").
A cooperation agreement was entered into between Rightyoo and
Huawei in 2015 ("Co-operation Agreement") and will remain valid and
continue beyond the Subscription.
Under the terms of the Co-operation Agreement, Rightyoo will
list its mobile gaming content on Huawei's international platform
"inTouch", with a view to distributing Rightyoo's content globally
through Huawei's established oversea channels.
inTouch operates in eight regional centers with over 70
carriers. Its global distribution network covers over 30 countries
in Latin America, Africa, Southeast Asia and the Middle East.
Supported by the strong global presence of inTouch, Rightyoo is
strategically positioned to introduce its products through a
well-established and far reaching distribution network.
In addition to being able to leverage inTouch's global
distribution network, Rightyoo also has engaged in strategic
partnerships with over 60 content providers and 16 distributors
worldwide.
In view of Rightyoo's extensive geographical reach and
diversified strategic partnerships, the Subscription is expected to
expand the Company's market presence and enhance its overall
competitiveness in the social media sector, bringing with it strong
growth potential and momentum.
Huawei is one of the world's leading information and
communications technology groups, which reported revenues of
US$75.1 billion in 2016. Huawei operates in over 170 countries,
serving over one-third of the world's population, providing a vast
range of computing and mobile devices, and associated services.
Enquiries:
Sealand Capital Galaxy
Nicholas Lyth, Non-Executive Director 07769 906 686
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the risks and uncertainties associated with
Group's business. These statements are made by the Company and its
Directors in good faith based on the information available to them
up to the time of their approval of this announcement but such
statements should be treated with caution due to inherent risks and
uncertainties, including both economic and business factors and/or
factors beyond the Company's control or within the Company's
control where, for example, the Company decides on a change of plan
or strategy. This announcement has been prepared solely to provide
additional information to shareholders to assess the Group's
strategies and the potential for those strategies to succeed. This
announcement should not be relied on by any other party or for any
other purpose.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 04, 2017 10:46 ET (14:46 GMT)
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