Quick take: Sedania shares up 8.3% in early session

KUALA LUMPUR: Shares in Sedania Innovator Bhd rose over 8% in early trade Friday after the company announced that it is venturing into esports business.

The technology company added 8.33%, or one sen to 13 sen. It is one of the most heavily traded counter with over 3.3 million shares done.

Sedania is venturing into the electronic sports or esports space via a special purpose vehicle that it will take a 42.55% stake in, to launch a global esports tournament and media network.

The company, which is involved in fintech, greentech, the Internet of Things and big data analytics, has inked a share subscription agreement with iCandy Interactive Ltd and the former chief of eSports.com AG, Michael Broda, to take part in the venture. iCandy will also have a 42.55% in the SPV — Esports Pte Ltd (ESPL), which was incorporated in Singapore — while Broda will own the remaining 14.9%.

The esports tournament and media network it is working on is called eSports Pro League, which will be launched across 16 countries, covering Asia, Europe and America, said Sedania in a statement.

The shareholders have agreed to make an initial contribution of S$235,000 into ESPL. Both Sedania and iCandy will contribute S$100,000 each, while the remaining S$35,000 will be contributed by Michael.

Source: TheStar