With ecommerce set to become the future of retail, Lambo Group has upped its shareholding in Sinaran Advance Group Berhad to 19% via its subsidiary Oriented Media Holdings. As it stands, Lambo owns 8.48% with OML holding 17.7% in shares, these were acquired for total sum of RM14,474,530.
Sinaran is currently listed on Main Market of Bursa Malaysia Securities and is predominantly involved in the business of design, manufacture and distribution of sports footwear, apparel and accessories in China and construction related activities in Malaysia. Pursuant to the latest consolidated audited financial statements the company was recorded a loss after taxation of RMB5.86 million and net asset was RMB43.65 million
Lambo however is principally involved in development, operation and management of business-to business (“B2B”) and business-to-consumer (“B2C) e-commerce marketplaces. The acquisition is believed to be strategic for both parties In the past, its existing B2B e-commerce marketplace targets both vendors and customers based in China while its B2C e-commerce marketplace targets customers based in Malaysia. With the latest combination, Lambo is looking to set up an additional e-commerce marketplace to enable vendors and customers in both Malaysia and China to transact, with Sinaran as one of its anchor vendors.
According to filing, the synergy will add value to Lambo’s present operations as it will be able to leverage on its experience in operating its existing marketplaces and optimise the usage of its existing personnel for the new e-commerce marketplace.
