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YuuZoo says Indonesian investor has acquired 3% stake in its payment unit for US$5m

Published Thu, Jun 6, 2019 · 09:50 PM
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Singapore

BELEAGUERED social media company YuuZoo Networks Group on Thursday said that during the time its shares were suspended from trading, the company had, nonetheless, signed an investment agreement for the sale of a 3.23 per cent stake in its fully-owned payment subsidiary, YuuPay Secure, for US$5 million to an unnamed Indonesian conglomerate.

This values YuuPay at about US$150 million. The cash payment has been received in full, it said.

YuuZoo's payment services in 2016 and 2017 generated revenues of more than S$60 million, primarily generated through…

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