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iClick Interactive Asia Group Limited Announces Execution of Definitive Agreement for Disposal of Its Demand Side Marketing Solutions Business in Mainland China
iClick Interactive Asia Group (NASDAQ: ICLK) has announced a definitive agreement to sell its demand side marketing solutions business in mainland China to SiAct Inc. for RMB1 million. This strategic move aims to scale down lower-margin and higher-risk businesses in the marketing solutions segment. The decision is driven by uncertainties in the macro-economic environment and a slowdown in the Chinese advertising market post-COVID-19.
The company will provide a RMB20 million loan to support the disposed business during the transition and has agreed to repay outstanding bank loans of approximately US$35.0 million. iClick will continue to operate its supply side marketing solutions in mainland China and its marketing and enterprise solutions in Hong Kong and overseas. The disposal is subject to shareholder approval at the annual general meeting on September 30, 2024.
The company will provide a RMB20 million loan to support the disposed business during the transition and has agreed to repay outstanding bank loans of approximately US$35.0 million. iClick will continue to operate its supply side marketing solutions in mainland China and its marketing and enterprise solutions in Hong Kong and overseas. The disposal is subject to shareholder approval at the annual general meeting on September 30, 2024.
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