KUALA LUMPUR (July 13): Lambo Group Bhd said it bought 22.79 million shares, or a 1.11% stake, in Focus Dynamics Group Bhd for RM25.65 million at the open market between last Monday and last Friday.
In an exchange filing today, Lambo said it purchased the shares through its Hong Kong-based unit Oriented Media Holdings Ltd at an average price of RM1.1253 apiece.
Lambo said the investment was funded entirely from internally generated funds.
The group said it is an opportune time to take a strategic stake in Focus Dynamics, having considered the fact that its subsidiary, Lambomove Sdn Bhd, has been appointed an exclusive last-mile delivery partner for Focus Dynamics' cloud kitchen.
Another subsidiary, Lamboplace Sdn Bhd, meanwhile, operates an e-commerce platform and is also one of the online platforms for Focus Dynamics to sell wines, noted Lambo.
"Moving forward, the board of directors of Lambo expects mutual benefit to be derived via this complementary business arrangement," it said.
Shares in Lambo closed unchanged at two sen, valuing the group at RM54 million, while Focus Dynamics shares closed 6.25% or seven sen higher at RM1.19, giving it a market capitalisation of RM2.43 billion.
http://www.theedgemarkets.com/article/lambo-buys-strategic-stake-focus-dynamics-over-rm25m
