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Sealand Capital (SCGL)

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Wednesday 01 May, 2019

Sealand Capital

Publication of Annual Report

RNS Number : 6526X
Sealand Capital Galaxy Limited
30 April 2019
 

For immediate release

Sealand Capital Galaxy Limited

("Sealand", or the "Company")

 

Publication of Annual Report

 

Sealand Capital Galaxy Limited, (LSE: SCGL) a company engaged in the investment and acquisition of IT and social media businesses with high growth potential, announces that it has today published its Annual Report and Financial Statements for the year ended 31 December 2018 with respect to the Company and its subsidiaries (the "Group"). The Annual Report and Financial Statements are available to view on the Company's website at http://scg-ltd.com/. 

 

A copy of the Annual Report and Financial Statements has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

 

Key points

  • During the year 2018, The Group recorded a consolidated profit attributable to shareholders of £3,084,358 (2017: loss of £8,027,414). The profit for the year was mainly attributable to the gain of disposal of SecureCom Media Holding Limited ("SecureCom") of £3,809,051.
  • The disposal of SecureCom in the best interests of shareholders.  The business would have required substantial additional capital in order to remain competitive, and focus should be on the development of other businesses.
  • The Group has been developing its payment and marketing solution business with licensed brokers and sellers for some Tencent related products in Hong Kong since early 2018.  The Group is also in discussions with potential business partners to launch its UK mobile payment gateway.
  • The Group has completed the acquisition of Guangzhou Ruiyou Information Technologies Co. Ltd ("Rightyoo"), a software development and support services providers, which focuses on the mobile gaming related sector, by means of a subscription of a 55% interest.

 

Future Strategy and Outlook

The Company recently announced a number of new initiatives as it continues to exploit its close relationship with Tencent, China's internet-based technology and cultural enterprise.  These include (subject to final contract):

·     plans to acquire a controlling minority stake in New Sky Global, a new digital marketing and advertising business that will have a licensing agreement with Tencent;

·     the launch of Tencent Anime Comics Game ("TACG"), with the first initiative being the first ever annual Tencent Animation Comics Game Carnival, targeting the 200 million people in China who are regular users of products related to anime, comic and video games; and (subject to Chinese regulatory approval)

·     the formation of a new joint venture company, Tencent Car, an umbrella platform for car sales in China, providing real-time news coverage and a full range of innovative information and car acquisition services.

These services will complement those already offered by ePurse, Sealand's wholly owned subsidiary, which already provides a range of services to merchants in Hong Kong, the UK and Dubai wishing to target outbound Chinese consumers, travellers and tourists using WeChat Pay, WeChat Official Accounts and WeChat Advertising.

 

Nelson Law, Executive Chairman commented:

"We are now starting to monetize our portfolio of products, services, licences and also our relationship with Tencent.  The important new strategic initiatives announced earlier in April 2019 will transform our business and they fit well with our existing ePurse and Rightyoo business activities.  As a UK listed business, Tencent has trusted us with a number of important licences that we now intend to monitize in a variety of ways."

-Ends-

 

Enquiries

Sealand Capital Galaxy Limited

 

Law Chung Lam Nelson, Executive Chairman

+ 44 7537959788

 

 

Belvedere Communications

 

John West

+44 20336872756

Llew Angus

+44 20336872754

 

 

Notes to Editors:

·     Sealand Capital Galaxy Limited (LSE: SCGL) is engaged in the investment and acquisition of IT and social media businesses in the APAC region with high growth potential.

·     The Company's Shares are traded on the Official List of the London Stock Exchange's main market for listed securities under the ticker SCGL.

·     Further information on Sealand is available on its website http://www.scg-ltd.com/

 

Disclaimer

 

This announcement contains certain forward-looking statements. These statements are made by the Company's 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 uncertainties, including both economic and business factors, underlying such forward-looking information. 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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