i-control (01402) fell more than 17% during the session and, as of press time, fell 14.29% to HKD 0.27, with a turnover of HKD 0.539 million.
According to Asian Vets Finance APP, i-control (01402) fell more than 17% during the session and, as of press time, fell 14.29% to HKD 0.27, with a turnover of HKD 0.539 million.
On the news front, i-control announced that the offeror and the company joyfully announced that all the preconditions under the sale and purchase agreements have been met, and completion took place on July 2, 2024. Under the terms of the sale and purchase agreements, the offeror acquired 0.6 billion shares (approximately 57.12% of the issued share capital of the Company as at the date of this joint announcement) at a consideration of HKD 0.138 billion, or HKD 0.23 per share sold. Following completion and as at the date of this joint announcement, the offeror and its concert parties collectively hold the equity interest of 0.75 billion shares (approximately 71.40% of the issued share capital of the Company).
i-control (01402) released its annual results for the year ended March 31, 2024, showing revenue of HKD 0.13 billion, a decrease of 17.53% year-on-year; equity shareholders of the company recorded a loss of HKD 12.882 million, compared to a profit of HKD 5.739 million in the same period last year; loss per share was HKD 1.23 cents. The announcement stated that the decline in revenue from providing video conferencing and multimedia audio and video solutions and maintenance services was due to various factors, including intensified market competition and weak business sentiment. Intensified competition resulted in pricing pressure and declining profit margins, and affected overall sales performance.